HAV Group ASA — Earnings Release 2021

Nov 26, 2021

Financial results for the third quarter of 2021

Financial results for the third quarter of 2021

HAV Group ASA (HAV Group, OSE: HAV) reports revenues of NOK 80.6 millions in the third quarter of 2021 (NOK 126.6 millions in the third quarter of 2020). Operating profit was NOK 10.8 (-3.8) with a margin of 13.4%. Accumulated revenue as of the third quarter is NOK 692.3 millions (500,3) with an EBIT of NOK 66.8 million (42,9) and a margin of 9.7% (8.6%).

HAV Group achieved a profit before tax in the third quarter of NOK 10.6 millions (30.8). The company had NOK 404 millions (44) in cash at the end of the quarter.

“HAV Group delivered a satisfactory third quarter with a good level of activity and a solid order intake. We see increasingly stringent environmental requirements for the maritime industry, and we will utilize our knowledge, technology and products in digitization and sustainability to meet these requirements. HAV Group has a solid platform to expand our leading positions to contribute to the green shift in the maritime and marine industry ", says Gunnar Larsen, CEO of HAV.

“Based on the positive development in the subsidiaries, sales activity, and market development, we repeat the target for operating revenues in 2021 in the area of NOK 850 - 950 millions, while we adjust the margin target to be more in line with the EBIT margin per third quarter 2021”, says Larsen.

HAV Group will continue to pursue value accretive growth, both organic and through consolidation. We have outlined the following priorities for the subsidiaries:

HAV Design:

Leverage on market position, competence and customer references to enhance growth within existing and new market segments.

HAV Hydrogen:

Further developing the organization, as well as developing products in collaboration with potential customers. Furthermore, work is ongoing with class and authorities in connection with the approval process for the hydrogen system. The framework conditions for approval are in continuous development, where the further timeline must therefore be adapted accordingly.

Norwegian Electric Systems:

Focus on international growth and expansion.

Norwegian Greentech:

Optimization of sales and supply chain to leverage the BWMS growth, strengthen life cycle services and develop new aquaculture offerings.

HAV Group will present the financial results for the third quarter of 2021 via webcast on Friday 26 November at 10:00 CET. The presentation is given by Gunnar Larsen, CEO, and Pål Aurvåg, CFO, and can be followed on:

https://channel.royalcast.com/landingpage/hegnarmedia/20211126_1/

Questions can be sent during webcast.

The presentation and the board's report for the third quarter of 2021 are attached.

For additional information, please contact:

Gunnar Larsen, CEO

gunnar.larsen@havgroup.no

+47 901 05 694

About HAV Group | www.havgroup.no

The HAV Group is an international provider of technology and services for maritime and marine industries, listed on Euronext Growth under the ticker code HAV. The group comprises four subsidiaries with several decades of combined experience in the industry, in addition to special expertise in guiding the marine and maritime industries through the green shift and towards the goal of zero emissions.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Daniel Kopperstad, Head of Legal Affairs, on 26 November 2021 at 06:00 CET.