HAV Group: Financial results for the third quarter of 2022

30 Nov 2022 07:00 CET

HAV Group ASA (HAV Group, OSE:HAV) reported revenues of NOK 136.6 million in the
third quarter of 2022, up from NOK 80.6 million in the same quarter in 2021 due
to the project based business model, and an EBIT of NOK 0.8 million (10.8).
Despite short-term uncertainty, the momentum for sustainable solutions in the
shipbuilding market is expected to yield solid opportunities and HAV Group
reiterates the 2025 revenue outlook of NOK 1.3 billion.

“The third quarter of 2022 was characterized by satisfactory revenues, while we
continue to invest in competence and capacity to leverage on the expected growth
to support the sustainability and energy transition for the maritime industry.
There are several important tenders in the market to be awarded over the next
months, which will be important for the capacity utilization in 2023, “ says
Gunnar Larsen, Chief Executive Officer of HAV Group.

HAV Group reported a growth of 69.4% to NOK 136.6 million in the period,
following high trading of equipment in the quarter, and an EBITDA* of NOK 5.3
million (14.5). The EBIT was NOK 0.8 million in the third quarter (10.8), while
the cash balance of the end of the quarter was NOK 257.5 million.

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 for
contributing to the green shift in the maritime and marine industries.

«With COP 27 just finalized, and new green initiatives being implemented across
important seafaring regions, the maritime industry is changing towards being an
integrated part of a sustainable future. HAV Group will utilize our knowledge,
technology and products in digitization and sustainability to meet these
requirements, and will continue to invest in the organization to accommodate the
needs from our customers. Short term, the market and company performance are
characterized by the general uncertainty and postponements of projects, while
the overall outlook remain firm. The demand for sustainable solutions in the
shipbuilding market is providing strong opportunities and we reiterate our 2025
revenue outlook of NOK 1.3 billion,” Larsen concludes.

HAV Group will present the financial results for the third quarter of 2022 via
webcast on Wednesday 30 November at 08:00 CET. The presentation is given by
Gunnar Larsen, CEO, and Pål Aurvåg, Chief Financial Officer.
Link to webcast: https://vimeo.com/event/2614091

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/aloup3vbev8h

The presentation and board of directors’ report for the third quarter 2022 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.

For additional information, please contact:
Gunnar Larsen, CEO
gunnar.larsen@havgroup.no
+47 901 05 694

About HAV Group | 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 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 30
November 2022 at 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

576977_HAV_rapport_Q3.2022_Final.pdf
576977_HAV Group_Q3 2022_Presentation_Final.pdf