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HAV Group ASA Interim / Quarterly Report 2026
3616_rns_2026-05-28_a4d1b0db-fbc8-4a31-80d6-9b1295a29f71.pdf
Interim / Quarterly Report
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HAV Group ASA
FIRST QUARTER FINANCIAL REPORT 2026
A SUSTAINABLE FUTURE AT SEA
HAV Group ASA - Q1- Quarterly Report 2026
HAV Group ASA
HAV is the Norwegian word for ocean.
HAV Group and its subsidiaries (together: "HAV Group") is an international provider of technology and services for the maritime industries. The Group applies its specialist competence, technologies and solutions to improve vessel performance, safety, environmental footprint and lifetime value for shipowners.
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 high-quality 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:
Actively taking part in subsidiary companies' strategic development to implement group strategy
Stimulating intercompany business development and R&D processes
Extracting synergies through economies of scale and standardization of processes and systems
Pursuing value accretive growth - organic and through M&A
HAV Group ASA - Q1 - Quarterly Report 2026
THE HAV GROUP
3
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.
4
Energy Design & Smart Control
YOUR EXPERT IN ENERGY DESIGN AND SMART CONTROL SYSTEMS
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 sources, including electric propulsion and charging systems, allow design of optimal power and propulsion systems that keep emissions to a minimum.
Smart control systems and software platforms for navigation, automation and control ensure even more fuel-efficient operations.
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 supplier of advanced diesel electric, hybrid electric and 100 percent electric propulsion systems, for the global marine market.
5
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 land-based 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.
HAVdesign
norwegian
electric systems
norwegian
greentech
HAV Group ASA - Q1 - Quarterly Report 2026
HIGHLIGHTS in Q1 2026
- Turnover of NOK 233.1 million (147.9)
- EBITDA of NOK 11.8 million / 5.1% (0.4 / 0.3%)
- EBIT of NOK 6.0 million / 2.6% (-4.2 / -2.8%)
- Profit before tax in Q1 2026 of NOK 4.4 million / 1.9%
Key Milestones in Q1 2026
- Order intake of NOK 148 million
- Book-to-bill of x 0.63
-
Order backlog MNOK 1.058
-
Energy design and smart control systems awarded contract for two ferry chargers to Fjord1.
-
Water treatment systems awarded a contract to supply ten new ballast water treatment systems to various shipyards in Norway and internationally.
- Ship design awarded a design contract for upgrade of a previously designed vessel.
- Energy design and smart control systems awarded contract for NavCom to wellboat to Fitjar Mekaniske Verksted.
Subsequent events
- Initiation of review to explore various strategic opportunities for HAV Group.
STATUS AND OUTLOOK
Q1 financial figures support previous 2026 guidance.
Global megatrends:
The green transition, stricter regulations, and increasing competition continue to shape the maritime industry. In Europe, EU-regulations reward shipowners who invest in emission-reducing technologies and penalise those who don't. HAV Group is well positioned to capitalise on this trend with technologies that enhance 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.
Electrification is a key driver for making vessels more energy efficient and for reducing emissions while the industry awaits large-scale adoption of alternative fuels. This electrification trend is expected to grow significantly in the years ahead, across vessel segments. This will create substantial market opportunities for HAV Group.
Outlook:
The positive development seen in 2025 is expected to continue in 2026, and HAV Group anticipates both revenue growth and improved margins versus last year.
HAV Group ASA - Q1 - Quarterly Report 2026
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
HAV Group ASA
| (NOK 1000) | Q1 2026 | Q1 2025 | 2025 |
|---|---|---|---|
| Unaudited | Unaudited | Unaudited | |
| Revenue | 232 765 | 147 477 | 801 811 |
| Other operating revenues | 361 | 434 | 1 229 |
| Operating income | 233 127 | 147 911 | 803 040 |
| Materials and consumables | 137 247 | 73 241 | 487 726 |
| Payroll expenses | 57 258 | 52 748 | 203 196 |
| Other operating expenses | 26 830 | 21 485 | 90 424 |
| Operating expenses | 221 335 | 147 473 | 781 347 |
| EBITDA | 11 792 | 438 | 21 693 |
| Depreciation | 5 825 | 4 648 | 19 714 |
| Operating profit/loss (EBIT) | 5 967 | -4 210 | 1 979 |
| Financial income | 7 581 | 7 437 | 30 473 |
| Financial expenses | 9 132 | 5 703 | 28 625 |
| Profit / loss before tax | 4 416 | -2 477 | 3 827 |
| Earnings per share (before tax) | 0.13 | -0.07 | 0.11 |
INCOME STATEMENT
Solid revenue generation in the quarter, primarily driven by energy design and smart control systems segment.
The operating income for HAV Group in the first quarter of 2026 was NOK 233.1 million, compared to NOK 147.9 million in the first quarter of 2025.
Considerably improved EBITDA compared to Q1 last year. For the first quarter of 2026, the Groups profit before interest, tax and depreciation /amortisation (EBITDA) of NOK 11.8 million, while the EBITDA for the first quarter of 2025 was NOK 0.4 million.
The consolidated figures are presented according NGAAP standard. For more info related to accounting principles, please see Annual Report 2025.
HAV Group ASA - Q1 - Quarterly Report 2026
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
HAV Group ASA
| (NOK 1000) | YTD 2026 | YTD 2025 | 2025 |
|---|---|---|---|
| ASSETS | Unaudited | Uadited | Audit |
| Non-current assets | |||
| Licenses, patents and R&D | 72 564 | 82 914 | 76 084 |
| Property, plant and equipment | 14 251 | 10 860 | 10 641 |
| Financial fixed assets | 446 | 162 | 226 |
| Total non-current assets | 87 261 | 93 936 | 86 851 |
| Current Assets | |||
| Inventory | 30 242 | 36 742 | 32 302 |
| Accounts receivable | 328 120 | 157 875 | 264 515 |
| Accrued revenue | 5 440 | 96 640 | 14 167 |
| Other current receivables | 106 714 | 65 647 | 72 836 |
| Current assets | 470 516 | 356 904 | 383 819 |
| Cash and bank deposits | 134 781 | 246 894 | 199 112 |
| Total current assets | 605 297 | 603 819 | 598 219 |
| TOTAL ASSETS | 692 558 | 695 734 | 669 882 |
| (NOK 1000) | YTD 2026 | YTD 2025 | 2025 |
| --- | --- | --- | --- |
| EQUITY AND LIABILITIES | Unaudited | Uadited | Audited |
| Equity | |||
| Paid-in Equity | 122 202 | 122 202 | 122 202 |
| Retained earnings | -29 199 | -37 258 | -34 054 |
| Non-controlling interests | 140 | -24 | -87 |
| Total equity | 93 143 | 84 920 | 88 602 |
| Non-current liabilities | |||
| Deferred tax liability | 4 236 | 1 929 | 4 315 |
| Liabilities to Financial institutions | 38 | 7 023 | 52 |
| Other long-term liabilities | 3 537 | 3 721 | 3 537 |
| Total non-current liabilities | 7 811 | 12 673 | 7 903 |
| Current liabilities | |||
| Accounts payable | 68 153 | 49 355 | 99 532 |
| Public duties payable | 27 772 | 16 774 | 15 262 |
| Advance payment from customers | 438 280 | 494 884 | 394 785 |
| Other current liabilities | 57 398 | 37 128 | 64 339 |
| Total current liabilities | 591 604 | 598 141 | 573 917 |
| Total liabilities | 599 415 | 610 814 | 581 820 |
| TOTAL EQUITY AND LIABILITIES | 692 558 | 695 734 | 669 882 |
FINANCIAL POSITION
The total assets in the Group are NOK 692.6 million per Q1 2026 versus NOK 699.3 million at end of 2025.
Current assets increased from NOK 598.2 million year end 2025 to NOK 605.3 million at end of 2025. Accounts receivables increased by NOK 64.6 million. Cash and bank deposit decreased by NOK 64.3 million
The total equity has increased by NOK 5.1 million to NOK 93.1 million per Q1 2026 due to a positive result in Q1 2026. The equity ratio has increased from 13.1% year end 2025 to 13.4% per Q1 2026.
Total liabilities increased from NOK 581.8 million at year end 2025 to NOK 599.4 million per Q1 2026. Main reason is increase in advance payments from customers.
The consolidated figures are presented according NGAAP standard. For more info related to accounting principles, please see Annual Report 2025.
HAV Group ASA - Q1 - Quarterly Report 2026
SEGMENT INFORMATION
| 2026 Q1 (Unaudited) | |||||
|---|---|---|---|---|---|
| (NOK million) | Ship Design | Energy Design & Smart Control | Water treatment systems | Other / Elimination | HAV Group ASA |
| Operating revenues (External) | 23.1 | 181.8 | 26.0 | 1.0 | 231.9 |
| Other operating revenues | 0.3 | 0.0 | 0.1 | 0.0 | 0.4 |
| Total Operating income | 24.0 | 181.6 | 26.6 | 1.0 | 233.1 |
| EBITDA | -8.6 | 25.7 | -0.2 | -5.1 | 11.8 |
| Depreciation | 1.6 | 2.3 | 1.6 | 0.2 | 5.8 |
| Operating profit/loss (EBIT) | -10.2 | 23.3 | -1.8 | -5.3 | 6.0 |
| Net financial items | 0.0 | -0.1 | 0.0 | 0.0 | -0.1 |
| Profit/Loss before tax | -10.2 | 23.3 | -1.8 | -5.3 | 5.9 |
| Total assets | 175.9 | 504.9 | 100.3 | -88.6 | 692.6 |
| Equity | 11.8 | 57.9 | 7.5 | 15.9 | 93.1 |
| Liabilities | 164.1 | 447.0 | 92.8 | -104.5 | 599.4 |
| 2025 Q1 (Unaudited) | |||||
| (NOK million) | Ship Design | Energy Design & Smart Control | Water treatment systems | Other / Elimination | HAV Group ASA |
| Operating revenues (External) | 30.3 | 103.0 | 14.2 | 0.0 | 147.5 |
| Other operating revenues | 0.4 | 0.0 | 0.1 | 0.0 | 0.4 |
| Operating income | 30.7 | 103.0 | 14.2 | 0.0 | 147.9 |
| EBITDA | -6.5 | 15.3 | -4.3 | -4.1 | 0.4 |
| Depreciation | 1.0 | 1.8 | 1.6 | 0.2 | 4.6 |
| Operating profit/loss (EBIT) | -5.3 | 13.5 | -5.9 | -4.3 | -4.2 |
| Net financial items | 0.2 | 2.5 | -1.0 | 0.0 | 1.7 |
| Profit/Loss before tax | -7.3 | 16.0 | -6.8 | -4.3 | -2.5 |
| Total assets | 169.5 | 503.9 | 94.0 | -71.8 | 695.7 |
| Equity | 12.3 | 41.2 | 3.3 | 28.1 | 84.9 |
| Liabilities | 157.2 | 462.8 | 90.8 | -99.9 | 610.8 |
SEGMENTS Q1 2026
Ship Design
- The Ship design segment has been consolidated with Hydrogen-based energy systems segment, and comparative figures for Q1 2026 and Q1 2025 have been restated accordingly.
- EBITDA of NOK -8.6 million / -35.8 % in the first quarter of 2026.
- The Q1 2026 is still impacted by low capacity utilisation.
Energy Design & Smart Control Systems
- EBITDA of NOK 25.7 million / 14.1% in the first quarter of 2026.
- EBITDA level is high due to higher capacity utilisation, contribution from Aftermarket & Services and general high project activity.
Water Treatment Systems
- EBITDA of NOK -0.2 million / -0.7% in the first quarter of 2026.
- The Q1 2026 is impacted by lower than expected sales in marine segment.
HAV Group ASA - Q1 - Quarterly Report 2026
CONSOLIDATED STATEMENT OF CASH FLOW
HAV Group ASA
| (NOK1000) | YTD 2026 | YTD 2025 | 2025 |
|---|---|---|---|
| Unaudited | Audited | Audited | |
| CASH FLOW FROM OPERATIONS | |||
| Profit/(loss) before tax | 4 416 | -2 477 | 3 827 |
| Depreciation | 5 825 | 4 648 | 19 714 |
| Net financial items | -2 545 | -1 734 | -1 848 |
| Changes in inventory | 2 060 | -2 895 | 1 545 |
| Changes in accounts receivable | -63 605 | -19 778 | -126 418 |
| Changes in accounts payable | -31 379 | -39 959 | 10 217 |
| Changes in advance payment from customers | 43 495 | 143 278 | 43 179 |
| Changes in other current receivables/liabilities | -16 605 | -79 090 | 19 722 |
| Net cash flow from/(to) operating activities | -58 337 | 1 994 | -30 060 |
| CASH FLOW FROM INVESTMENTS | |||
| Investments in property, plant and equipment | -1 117 | -846 | -3 199 |
| Investment in intangible assets | -4 865 | -747 | -7 150 |
| Purchase of shares in subsidiary | 0 | -925 | -925 |
| Net cash flow used in investing activities | -5 982 | -2 518 | -11 274 |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| Repayment non-current debt | -14 | -3 013 | -9 984 |
| Net cash flow from/(used in) financing activities | -14 | -3 013 | -9 984 |
| Net change in cash and cash equivalentss | -64 331 | -3 536 | -51 318 |
| Cash and cash equivalents at start of the period | 199 112 | 250 430 | 250 430 |
| Cash and cash equiv.recognised in the balance sheet | 134 781 | 246 894 | 199 112 |
| Restricted cash at end of period | 0 | 16 964 | 7 889 |
CASH FLOW
Aggregate cash flow from operating activities is negative with NOK 58.3 million in Q1 2026 compared to a positive cash flow of NOK 2.0 million in Q1 2025. The main reason for the negative cash flow is increase in accounts receivable.
Aggregate cash flow from investing activities was negative with NOK -5.9 million in Q1 2026, compared to a negative cash flow of NOK -2.5 million in Q1 2025. The negative cash flow from investments is mainly related to investments in R&D.
Aggregate cash flow from financing activities is negative with NOK -0.0 million in Q1 2026, compared to a negative cash flow of NOK -3.0 million in Q1 2025. The negative cash-flow from financing activities is related to repayment of non-current debt. HAV Group has no interest-bearing debt.
The consolidated figures are presented according NGAAP standard. For more info related to accounting principles, please see Annual Report 2025.
HAV Group ASA - Q1 - Quarterly Report 2026
ORDER BACKLOG
HISTORICAL DEVELOPMENT OF EXTERNAL BACKLOG
AGGREGATED ORDER BACKLOG PER SEGMENT
EXTERNAL ORDER BACKLOG BY DELIVERY YEAR
ORDER STATUS
The external order backlog is NOK 1.058 billion as of the end of Q1 2026, a decrease of NOK 85 million compared to Q4 2025.
Order intake of NOK 148 million in Q1 2026, equivalent to a book-to-bill of x0.63.
AGGREGATED ORDER BACKLOG
HAV Group ASA - Q1 - Quarterly Report 2026
SHARES AND SHAREHOLDERS
| Shareholders as of 31.03.2026 | Number of shares | Ownership |
|---|---|---|
| HAVILA HOLDING AS * | 12 204 656 | 34.87 % |
| FARVATN CAPITAL AS | 2 408 909 | 6.88 % |
| NORDNET LIVSFORSIKRING AS | 1,640,290 | 4.68 % |
| MP PENSION PK | 1 588 166 | 4.46 % |
| EMINI INVEST AS | 1 127 179 | 3.22 % |
| HSR INVEST AS ** | 1 127 179 | 3.22 % |
| INNIDIMMAN AS *** | 1 127 179 | 3.22 % |
| H CAP AS | 899 170 | 2.57 % |
| HAWKEYE INVEST AS | 498 000 | 1.42 % |
| SPLINETAIL AS | 409 910 | 1.17 % |
| PISON AS | 375 726 | 1.07 % |
| KAMATO AS | 375 066 | 1.07 % |
| STRØMME STRØM AS | 350 000 | 1,00% |
| Other shareholders (<1 %) | 10 893 570 | 31.12 % |
| 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.
SHARES AND SHAREHOLDERS
In total 35 000 000 shares with Par value NOK 1
All shares have equal rights
In total 2 935 shareholders per Q1 2026
HAV Group ASA had 0 treasury shares per Q1 2026
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