HAV Group ASA: First quarter 2024 financial results

30 May 2024 07:10 CEST

Fosnavåg, Norway, 30 May 2024: HAV Group ASA (HAV Group, OSE: HAV) delivered a
strong order intake of NOK 533 million in this year’s first quarter (Q1 2023:
NOK 240 million) bringing the company’s order backlog at quarter-end up to NOK
1,010 million (614) – the highest since the company was listed on Euronext
Growth Oslo early in 2021.

HAV Group delivered revenue of NOK 127.1 million in 2024’ first quarter, up 15
percent from the same quarter last year (110.3). EBITDA ended at NOK -18 million
(-11.6). The result is affected low capacity utilisation and that recent
contract wins are still in start-up phase and have not started to generate
noticeable income/margin contribution.

Subsequent to the end of the first quarter, HAV Group has been awarded a
contract to provide equipment deliveries to Havyard Leirvik worth in excess of
NOK 200 million, plus a contract from Fjord1 to develop systems for automation
of vessel functions and autonomous navigation for the four autonomous,
zero-emission ferries that will operate the Lavik-Oppedal crossing.

“After a relatively long period of relatively flat order book development, with
postponement of many potential contract awards, we are delighted to finally
deliver a substantial uptick in orders, which provide us with good visibility
going forward. We are still experiencing high tender activity,” says Gunnar
Larsen, CEO of HAV Group.

The first quarter order intake of NOK 533 million represents a book-to-bill of
x4.2. Key orders in the quarter included contracts to provider ship design and
engineering as well as system deliveries to the four autonomous, zero-emission
Lavik-Oppedal ferries, plus a contract to provide ship design and an integrated
equipment package for a SOV to ESVAGT.

HAV Group’s business for hydrogen-based energy systems has also seen positive
developments lately. In February it received NOK 12.4 million in funding to
build, test and certify a full-scale prototype of its ZEPOD – a containerized
hydrogen energy system for ships. Further, the company recently announced that
it had entered into a cooperation agreement with vessel operator Maris Fiducia
with the objective of developing, building and operating hydrogen-powered
dry-bulk vessels in Europe. Subject to potential innovation funding, Maris
Fiducia’s chosen shipyard will order ZEPODs for use on board the vessels.

“Hydrogen as vessel fuel is in its infancy, but we are continuously taking small
but important steps towards realization of what could be very exciting
breakthrough for our hydrogen business,” adds Gunnar Larsen.

HAV Group reported revenue of NOK 127.1 million (110.3) in this year’s first
quarter. EBITDA was NOK -18 million (-11.6), and EBIT was NOK -22 million
(-15.7). Net cash flow was NOK -23.7 million in the quarter (-16.2). HAV Group
has a healthy balance sheet with NOK 128.2 million in cash and NOK 36 million in
interest-bearing debt.

OUTLOOK

Global megatrends, including regulatory changes, provide incentives and
requirements for the maritime industry to increase energy efficiency and reduce
the environmental footprint short and long term. IMO’s revised GHG reduction
strategy for shipping expected to further enhance this development.

HAV Group expects that the company’s capacity utilisation will improve in 2024
on the back of recent contract wins and healthy tender activity. Consequently,
HAV Group expects revenue to grow 2024 (vs 2023) and increase further in 2025.

HAV Group targets revenue of NOK 1.3 million in 2026.

Q1 2024 PRESENTATION

HAV Group will present its first quarter 2024 financial results via webcast
today at 08:00 CET. Presenters are Gunnar Larsen, CEO, and Pål Aurvåg, CFO.

Link to webcast: https://vimeo.com/event/4328609

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/alicwo6ak1vv

The presentation material is enclosed to this announcement.

*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 30
May 2024 at 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

620107_HAV Group_Q1 2024_Presentation_Final.pdf
620107_HAV_rapport_Q1.2024_Final.pdf