HAV Group ASA: Fourth quarter and interim full-year 2024 financial results

14 Mar 2025 07:00 CET

(Fosnavåg, Norway, 14 March 2025) HAV Group ASA (HAV Group, OSE: HAV) reported
revenue of NOK 310.1 million in the fourth quarter of 2024 (Q4 2023: NOK 113.5
million). EBITDA* for the fourth quarter was at NOK +7.9 million (-26.1). The
company’s operating cash flow was strong at NOK 96.5 million (-78).

“We deliver a considerably enhanced EBITDA result compared to both the fourth
quarter 2023 and the previous quarters of 2024. It has been particularly
pleasing to see a strengthened financial performance from our energy design and
smart control systems business,” says Gunnar Larsen, CEO of HAV Group.

Order intake in the fourth quarter 2024 was NOK 214 (109.8), representing a
book-to-bill of x0.69. The order intake includes an order to Green Yard Kleven
for delivery of energy design, integrated automation system and future oriented
bridge system and battery package to newbuild field support vessel. It also
includes two onshore charging stations for use by the four autonomous,
zero-emission ferries that will operate the Lavik-Oppedal crossing on the west
coast of Norway.

HAV Group’s external order backlog stood at NOK 1,227 million at the end of the
fourth quarter, versus NOK 604 million one year prior.

HAV Group has been awarded important contracts after the end of the fourth
quarter too. In January, it was announced contracts for delivery of power
systems for 8 x Wilson bulk carriers. Further, its water treatment business has
won a breakthrough project within land-based aquaculture and signed a contract
to equip two live fish carriers.

“We entered 2025 with an order backlog that was twice as high as the same time
the prior year. This provides us with much stronger visibility for the coming
year. It is also encouraging to see that we are starting to win more work in the
aquaculture industry, which has been a priority for us,” says Gunnar Larsen.

HAV Group reported revenue of NOK 310.1 million (113.5) in the fourth quarter.
EBITDA was NOK 7.9 million (-26.1), and EBIT was NOK 3.6 million (-30.3). Cash
flow from operations was NOK 96.5 million in the fourth quarter (-78.0). Net
cash flow was NOK 101.6 million in the quarter (-80.7).

For the full-year 2024, HAV Group delivered revenue of NOK 765.2 million
(617.1), with EBITDA of NOK -34.9 million (9.1), and EBIT of NOK -51.3 million
(-7.9).

“We guided on revenue growth in 2024 compared to 2023 and are pleased to deliver
on this. However, our ambitions are much higher for 2025,” adds Gunnar Larsen.

OUTLOOK

Global megatrends, including regulatory changes as well as increasing pressure
on vessel and cargo owners to remain competitive, provide commercial incentives
and regulatory requirements for the maritime industry to invest in vessels’
lifecycle performance. HAV Group possesses the technologies and products that
enable shipowners to optimize their vessels’ operational, financial and
environmental performance.
The global shipbuilding market is predicted to remain at a stable level in the
coming years, providing ample opportunities for HAV Group.

Although international trade conflicts create unwanted market uncertainty, the
large majority of HAV Group’s market exposure is towards European and Norwegian
customers – thereby limiting the group’s exposure to intercontinental tariff
regimes.

Looking ahead, HAV Group reiterates its previous guidance and expects
significant revenue growth in 2025, driven by recent contract wins and robust
tender activity, with associated margin improvements.

Q4 2024 PRESENTATION

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

Link to webcast: https://www.havgroup.no/webcasts

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 through this URL: https://www.menti.com/alhveaubnw45

The presentation material and fourth quarter 2024 report are 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 14
March 2025 at 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

641252_HAV Group_Q4 2024_Presentation_Final.pdf
641252_HAV_rapport_Q4.2024_Final.pdf