HAV Group ASA — Earnings Release 2022

May 31, 2022

Financial results for the first quarter of 2022

Financial results for the first quarter of 2022

HAV Group ASA (HAV Group, OSE:HAV) reported revenue of NOK 198.8 million in the first quarter of 2022 (Q1 2021: NOK 307.7 million), with an operating profit of NOK 8.0 million (Q1 2021: NOK 19.2 million ), corresponding to a margin of 4 % (6.3 %) HAV Group reiterates the 2025 revenue outlook of NOK 1.3 billion, with periodic fluctuations reflecting the project-driven strategy.

“HAV Group has a satisfactory start of the year with several important contract wins and a good development in the addressable project pipeline. Short term, the market and company performance are influenced by general uncertainty and subsequently postponements, while the overall outlook remain firm. We continue to see increasingly stringent environmental requirements and a global demand for clean energy. We will continue to utilize and develop our knowledge, technology and products in digitization and sustainability to meet these requirements for the maritime industry,” says Gunnar Larsen, CEO of HAV Group.

The company reported revenue in the first quarter of 2022 of NOK 198.8 million (307.7) with an EBIT of NOK 8.0. million (19.2), with a backlog of NOK 418 million at the end of the first quarter. The company had NOK 373 million (210.8) in cash at the end of the period.

After the close of the quarter, HAV Group has been awarded a contract to deliver ship design and integrated equipment package to Ørsted-bound methanol-fueled SOV at a total value of approximately NOK 200 million, and has received Preliminary Approval for the hydrogen-based energy system developed in the FreeCO2ast project.

HAV Group will continue to pursue value accretive growth, both organic and through consolidation, and HAV Group reiterates the 2025 revenue outlook of NOK 1.3 billion, with periodic fluctuations reflecting the project-driven strategy.

Short-term, the subsidiaries have outlined the following priorities:

HAV Design:

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

HAV Hydrogen:

Developing the organization and products in collaboration with potential customers. Following the Preliminary Approval, HAV Hydrogen will now enter into the final design stage for its hydrogen-based energy system.

Norwegian Electric Systems:

Focus on international growth and expansion within Energy Design and smart control. Utilizing the growing demand for technology enabling energy efficiency and emission reductions.

Norwegian Greentech:

Optimization of sales and supply chain to leverage the BWMS growth, strengthen life cycle services and develop new aquaculture offerings. Obtaining USCG certification has given Norwegian Greentech access to a new, large market.

HAV Group will present the financial results for the first quarter of 2022 via webcast on Tuesday 31 May at 08:00 CET. The presentation is given by Gunnar Larsen, CEO, and Marius Koksvik, VP Business Developer, and can be followed on: https://vimeo.com/event/2144422

Questions can be submitted here during webcast: https://www.menti.com/6oike5fui7

The presentation and the board's report for the first quarter of 2022 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 Oslo 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 (MAR) 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, 31 May 2022 at 07:00 CET.