HAV Group ASA — Earnings Release 2023

May 25, 2023

HAV Group ASA: Financial results for the first quarter of 2023

HAV Group ASA: Financial results for the first quarter of 2023

(Fosnavåg, Norway, 25 May 2023) HAV Group ASA (HAV Group, OSE: HAV), the enabler of the green transition at sea, reported revenue of NOK 110.3 million in the first quarter of 2023, down from NOK 198.8 million in the same quarter last year, mainly caused by low order intake 2022. The operating result (EBIT) was NOK -15.7 million (8). The order intake in this year’s first quarter was at NOK 240 million, representing a strong book-to-bill of x2.2.

“Our first quarter order intake was strong, and we are seeing increasing interest levels in the technologies and services we provide. The financial result in the quarter is impacted by low activity in several business segments, at the same time as we have maintained staff capacity to deliver on both already secured contracts and for the many potential awards we see in the market,” says Gunnar Larsen, CEO of HAV Group.

INCREASED ORDER BACKLOG

Order intake in the first quarter 2023 was NOK 240 million, up from NOK 234 million in the same quarter last year. The order backlog at the end of the first quarter 2023 was NOK 614 million, which is 47 percent higher than one year prior (418).

Strategically important contracts in the first quarter included a US market breakthrough for HAV Group’s ship design business, which becomes the first European ship designer to develop an SOV for the US market. In addition, HAV Group been awarded several contracts to deliver energy design and smart control systems to various vessels.

HAV Group reported revenue of NOK 110.3 million in this year’s first quarter, and EBITDA* of NOK -11.6 million (12.2). EBIT was NOK -15.7 million in the first quarter of 2023 (8), partly linked to decision to maintain capacity to be able to fully capitalize on forthcoming growth opportunities. Net cash flow was NOK 16.2 million in the first quarter (-2.6), positively impacted by an increase in advanced payments from customers. The cash balance at the end of the quarter was NOK 240.1 million.

AIP FOR DECK-BASED H2 SYSTEM

In March, HAV Group announced that its deck-based containerized hydrogen (H2) energy systems for ships had received Approval in Principle (AiP) from DNV. The AiP is an important milestone for HAV Group in bringing the new Zero Emission Pod system onto the market and engaging with customers on the first commercial installations of the system.

“We received a large number of customer enquiries when we conducted the ‘soft launch’ of our deck-based H2 system in August last year. The AiP has further enhanced the quality of our customer leads. We are excited about the many opportunities we are pursuing, but we also know that it takes time to introduce new technologies to the maritime market. However, there is definitely a market tailwind for hydrogen as ship fuel,” says Gunnar Larsen.

Global megatrends with ambitious goals and increasingly stringent environmental requirements provide incentives and requirements for the maritime industry to reduce its environmental footprint considerably. HAV Group is well positioned with technology and products within digitalization and sustainability to enable the green shift in the maritime and marine industries. Therefore, HAV Group maintains its 2025 revenue outlook of NOK 1.3 billion, with periodic fluctuations reflecting its project-driven business.

Q1 PRESENTATION

HAV Group will present the financial results for the first quarter of 2023 via webcast on Thursday 25 May at 08:00 CET. The presentation is given by Gunnar Larsen, CEO, and Marius Koksvik, VP Business Development.

Link to webcast: https://vimeo.com/event/3425897

Questions can be submitted during the webcast. However, questions submitted in advance via the link will have better chance of being answered.

Questions can be submitted here: https://www.menti.com/altt8foizw3z

The presentation and board of directors’ report for the first quarter 2023 is enclosed.

*EBITDA and other alternative performance measures (APMs) are defined and reconciled to the NGAAP financial statements as a part of the APM section of the annual report.

(ENDS)

For additional information, please contact:

Gunnar Larsen, CEO

gunnar.larsen@havgroup.no

+47 901 05 694

About HAV Group | www.havgroup.no

HAV Group and its subsidiaries (together: “HAV Group”) is an international provider of technology and services for maritime and marine industries. HAV Group has several decades of industry experience, in addition to special expertise in guiding the marine and maritime industries through the green shift and towards the goal of zero emissions. HAV Group ASA is listed on Euronext Growth under the ticker code HAV.

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 25 May 2023 at 07:00 CET.