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IP - HAV Group ASA: Resultater andre kvartal og første halvår 2025 - Attachment: HAV Group_Q2 2025_Presentation_Final_.pdf

Company: HAV Group ASA Date: 2025-08-27 Language: English Register to download
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A sustainable future at sea

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# Agenda

- 1. Q2 highlights
- 2. HAV Group in brief
- 3. Business segment update
- 4. Financials
- 5. Summary and outlook
- 6. Q&A

### A sustainable future at sea

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# Q2 2025 HIGHLIGHTS

### **Key developments**

- Solid quarterly revenue of NOK 193.3 million (Q2 2024: 193.2 million)
- EBITDA of NOK 4.1 (0.0)
- Strong performance from energy design and smart control systems
- Steadily strengthening balance sheet: Cash balance of NOK 293 million as of 30 June 2025, up from NOK 124 million same time last year
- Order intake of NOK 215 million in quarter (570), including:
	- Three charging stations for Norled ferries
	- EUR 8.5 million contract with Tersan Shipyard for power and automation systems
	- Ship design project for North Salmon Service
- Maintaining a strong order backlog of NOK 1,288 million as of 30 June 2025
- Formalised collaboration with Havila Voyages for next generation coastal route ships

### **Subsequent events**

- Contract to deliver five container-based water purification systems to Greenland
- Award for three integrated navigation systems to Tersan Shipyard

| Operating income | EBITDA           | Cash balance |
|------------------|------------------|--------------|
| NOK 193.3m       | NOK 4.1m         | NOK 293.0m   |
|                  |                  |              |
|                  |                  |              |
|                  |                  |              |
| Order intake     | External backlog | Book-to-bill |
| NOK 215m         | NOK 1,288m       | x1.11        |

![](_page_2_Picture_17.jpeg)

## Order intake & backlog

![](_page_3_Figure_2.jpeg)

## Order intake per quarter Order backlog development

![](_page_3_Figure_4.jpeg)

*NOK 200 million contract to develop SOV for ESVAGT (17 July 23) is not included in external backlog per Q2)*

A sustainable future at sea www.havgroup.no

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# HAV Group in brief

A sustainable future at sea A sustainablefuture at seawww.havgroup.no

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Enabling optimized vessel performance, safety and operating costs

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Value proposition: Improves vessel and cargo owners' competitiveness by providing advice and optimized solutions throughout a ship's lifecycle

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Vision: A sustainable future at sea

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Technology: Ship design, energy design and smart control systems, hydrogen-based energy systems, and water treatment systems

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Experts in guiding the marine and maritime industries towards low and zero emission shipping **Headquarters** Fosnavåg, Norway **CEO** Gunnar Larsen

**Employees**

161

**Operating income Q2 2025** NOK 193.3 million

**Order backlog Q2 2025** NOK 1,288 million

**Market cap per 26/08-25** NOK 262 million

![](_page_5_Picture_16.jpeg)

Supplier of innovative **ship design.**  pioneering the design and construction of zero and low-emission vessels.

Supplier of **sustainable energy systems**. electric propulsion. automation. and NavCom systems for a wide range of vessels for the global maritime market.

Supplier of **zero-emission** hydrogen-based **energy systems** for vessels.

Supplier of **ballast water treatment systems** and process water treatment systems for aquaculture and maritime use.

## Our main industry segments

![](_page_7_Figure_1.jpeg)

# Segment information

A sustainable future at sea A sustainablefuture at seawww.havgroup.no

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# **Ship design** | Q2 highlights

- Contract win as design provider for a new live fish carrier for Norwegian aquaculture logistics operator North Salmon Service
	- Majority of design and engineering work to be executed in 2025
- Still unutilised capacity in ship design business, employees on temporary leave
- Management changes announced 23 June:
	- Gunnar Larsen interim managing director
	- Stig Magne Espeseth moves to role of SVP Design
	- New managing director to be appointed

![](_page_9_Picture_9.jpeg)

HAV 595 design – live fish carrier

![](_page_9_Picture_11.jpeg)

A sustainable future at sea

## **Energy design and smart control systems** | Q2 highlights

• Another quarter with solid financial performance

- Important contract wins in Q2 2025:
	- EUR 8.5 million contract for energy design and smart control systems for two newbuild vessels
	- Contract for delivery of three charging stations for ferries

## Events subsequent to the end of Q2:

• Award for three integrated navigation systems to Tersan Shipyard

![](_page_10_Picture_7.jpeg)

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Onshore carging stations for ferries

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## **Water treatment systems** | Q2 highlights

• Improved financial results compared to previous quarters

- New contracts to supply five separate ballast water treatment systems to various shipyards in Norway
- New regulations for land-based aquaculture and reopening of license applications announced on 1 July: Disinfection requirement creates market opportunities for water treatment business

## Events subsequent to the end of Q2:

• Contract to deliver five container-based water purification systems to Greenland

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## **Hydrogen-based energy systems** | Q2 highlights

- Cost and activity levels reduced in HAV Hydrogen, as earlier communicated
- Construction of the ZEPOD prototype put on hold until a strategy for the company's continued operations has been further established, thereby avoiding additional cost
- Intellectual property rights (IPR) are being safeguarded to be positioned to capitalize on future market opportunities for the technology
- Responsibility for maintenance technology and expertise has been transferred to HAV Group's ship design business
- HAV Group expects operational cost savings of approx. NOK 10 million annually at current low activity level

![](_page_12_Picture_7.jpeg)

ZEPOD® – A pioneering zero-emission solution for maritime operations

A sustainable future at sea

## Order backlog: segment breakdown

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A sustainable future at sea

# Financials

A sustainable future at sea A sustainablefuture at seawww.havgroup.no

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## Revenue and EBITDA

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A sustainable future at sea

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## Q2 2025 key financials

| NOKm             | Q2 2025   | Q2 2024   | YTD<br>2025 | YTD<br>2024 | 2024    |
|------------------|-----------|-----------|-------------|-------------|---------|
|                  | Unaudited | Unaudited | Unaudited   | Unaudited   | Audited |
| Operating income | 193.3     | 193.2     | 341.3       | 320.3       | 759.0   |
| EBITDA           | 4.1       | 0.0       | 4.5         | -18.0       | - 35.1  |
| EBIT             | -0.4      | -3.9      | -4.6        | -25.9       | - 51.3  |
| Net finance      | 2.4       | -3.1      | 4.1         | -2.3        | 14.4    |
| Net profit/loss  | 1.9       | -7.0      | -0.5        | -28.2       | - 37.1  |
| EBITDA margin    | 0.2%      | 2,0%      | -1,4%       | -8,1%       | -4.6 %  |

### **Comments**

- High activity level in quarter
- Improved EBITDA and net profit compared to same quarter last year
- H1 2025 revenue 6.5% higher than H1 2024
- YTD improvement on all main financial KPIs vs H1 2024
- Based on the order backlog, operating income is expected to increase in H2 vs H1

![](_page_16_Picture_8.jpeg)

A sustainable future at sea

## Ship design

| NOKm              | Q2 2025 | Q2 2024 | 2024  |
|-------------------|---------|---------|-------|
| Operating income  | 42.5    | 56.6    | 334.9 |
| EBITDA            | -4.8    | 5.1     | 7.9   |
| Profit before tax | -5.2    | 4.2     | 9.8   |

## Energy design & smart control systems

| NOKm              | Q2 2025 | Q2 2025 | 2024  |
|-------------------|---------|---------|-------|
| Operating income  | 137.8   | 113.5   | 358.3 |
| EBITDA            | 13.2    | -5.8    | -13.4 |
| Profit before tax | 13.8    | -8.4    | -7.2  |

## Water treatment systems

| NOKm              | Q2 2025 | Q2 2024 | 2024 |  |
|-------------------|---------|---------|------|--|
| Operating income  | 26.1    | 29.3    | 97.7 |  |
| EBITDA            | 1.3     | 4.8     | 0.3  |  |
| Profit before tax | 0.2     | 2.2     | 7.7  |  |

## Hydrogen-based energy systems

| NOKm              | Q2 2025 | Q2 2024 | 2024  |  |
|-------------------|---------|---------|-------|--|
| Operating income  | 0.0     | 0.6     | 0.9   |  |
| EBITDA            | -2.7    | -1.2    | -10.1 |  |
| Profit before tax | -3.0    | -1.4    | -10.8 |  |

A sustainable future at sea

## Q2 2025 balance sheet

| NOKm                        | Q2 2025   | 2024<br>audited |  |
|-----------------------------|-----------|-----------------|--|
|                             | unaudited |                 |  |
| Non-current assets          |           |                 |  |
| Total intangible assets     | 81.3      | 85.1            |  |
| Total tangible fixed assets | 11.1      | 11.0            |  |
| Financial fixed assets      | 0.1       | 0.2             |  |
| Total non-current assets    | 92.5      | 96.3            |  |
| Current assets              |           |                 |  |
| Total receivables           | 347.7     | 249.4           |  |
| Cash and bank deposit       | 293.0     | 250.4           |  |
| Total current assets        | 640.7     | 499.8           |  |
| Other financial instruments | 1.4       | 5.5             |  |
| Total assets                | 734.5     | 601.3           |  |

| NOKm                            | Q2 2025   |         |
|---------------------------------|-----------|---------|
|                                 | unaudited | audited |
| Total equity                    | 86.1      | 86.5    |
| Liabilities                     |           |         |
| Total provision for liabilities | 1.8       | 2.0     |
| Total long-term liabilities     | 7.7       | 13.7    |
| Total non-current liabilities   | 9.6       | 15.8    |
| Total current liabilities       | 638.9     | 499.1   |
| Total liabilities               | 648.5     | 514.8   |
| Total equity and liabilities    | 734.5     | 601.3   |

### Comments

### Assets:

- Total receivables increased by NOK 98.3 million from start of year
- Cash Increased by NOK 42.6 million from 1 January 2025
- Cash balance of NOK 293 million as of 30 June 2025, up from NOK 124 million same time last year

### Equity:

• Total equity has decreased by NOK 0.4 million to NOK 86.1 million per Q2 2025, caused by minor negative result

### Total liabilities:

• Total liabilities increased from NOK 514.6 million at year end 2024 to NOK 648.5 million per Q2 2025. Main reason is increased advance payments from customers due to high order intake

![](_page_18_Picture_12.jpeg)

A sustainable future at sea

## Q2 2025 cash flow statement

| NOKm                                      | Q2<br>2025 | Q2 2024   | 2024    |
|-------------------------------------------|------------|-----------|---------|
|                                           | Unaudited  | Unaudited | Audited |
| Net cash flow from Operating activities   | 52.0       | 0.9       | 100.0   |
| Net cash flow from Investments activities | -2.9       | -2.2      | -12.7   |
| Net cash flow from Financing activities   | -3.0       | -3.0      | -11.1   |
| Net change in cash and cash equivalents   | 46.1       | -4.3      | 98.5    |
| Sum Cash and cash equivalent              | 293.0      | 124.0     | 250.4   |

### Comments Q2 2025 (NOKm)

### Strong positive cash flow from operations

- Net other current receivable/liabilities + 55
- Advance payment from customers -6.2
- Net payable/receivable changes -3.6

### Negative cashflow from investments

• Mainly related to investments in R&D and equipment

### Negative cash flow from financing

• Repayment non- current debt

# Summary and market outlook

A sustainable future at sea A sustainablefuture at seawww.havgroup.no

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## Summary

![](_page_21_Figure_1.jpeg)

Positive EBITDA in Q2 2025 with growth and solid results in the energy and smart control segment

Strong and improved cash generation in quarter

![](_page_21_Figure_4.jpeg)

New orders for NOK 215 million signed in Q2 2025

Solid order backlog of NOK 1,288 million at end Q2 2025

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Important contract win for Ship Design business

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Executed strategic realignment and downscaling of hydrogen business

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## Outlook

- Global megatrends: The green transition, stricter regulations, and increasing competition continue to shape the maritime industry. HAV Group is well positioned to address these challenges with technology that enhances 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. HAV Group's main market presence in the European and Norwegian markets reduces exposure to intercontinental trade conflicts.
- Outlook for 2025: We maintain our guidance and expect solid revenue growth, driven by recent contract awards and active tendering, with corresponding margin improvements.

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