Havila Shipping ASA: Second quarter 2025 accounts

21 Aug 2025 13:32 CEST

Summary

Freight revenues amounted to NOK 165.5 million in Q2 2025, an increase of NOK
19.5 million compared to the corresponding period last year and approximately at
the same level as the previous quarter.

The average rate of assignments and utilization in this quarter is approximately
at the same level as in the previous quarter. Operating expenses were NOK 83.7
million in Q2 2025, an increase compared to Q2 2024 of NOK 9.2 million and a
decrease compared to the previous quarter of NOK 7.3 million.

* The company had a profit before depreciation of NOK 91.3 million in Q2
2025, compared to NOK 78.4 million in Q2 2024.
* There have been no impairment charges or reversal of previous impairment
charges in the second quarter of this year. In the second quarter of last
year, previous impairment charges were reversed by NOK 154.0 million.
* Value adjustment of the company's debt amounted to NOK - 22.6 million in the
second quarter compared to NOK - 193.3 million in the corresponding period
last year.
* Profit before tax was NOK 8.7 million in Q2 2025, compared to NOK 4.0
million in Q2 2024.

As of 30.06.25, the company had 14 vessels operated from Fosnavåg, six of which
were for external owners.

Fleet utilization in Q2 2025 was 98.1%.

Result for 2 quarter 2025

* Total operating income amounted to NOK 175.0 million (NOK 152.9 million).
* Total operating expenses were NOK 83.7 million (NOK 74.5 million).
* Operating profit before depreciation was NOK 91.3 million (NOK 78.4
million).
* Depreciation was NOK 50.1 million (NOK 35.9 million).
* Reversal of impairment charges was NOK 0 million (NOK 154.0 million)
* Net financial items were NOK - 35.1 million (NOK - 196.0 million) whereof
value adjustment of debt was NOK - 22.3 million (NOK - 193.3 million).
* The profit before tax was NOK 8.7 million (NOK 4.0 million).

Result for 1st half of 2025

* Total operating income amounted to NOK 347.5 million (NOK 279.0).
* Total operating expenses were NOK 174.7 million (NOK 155.8 million).
* The operating profit before depreciation was NOK 172.8 million (NOK 123.2
million).
* Depreciation was NOK 95.0 million (NOK 70.3 million).
* Reversal of impairment charges was NOK 32.0 million (NOK 154.0 million)
* Net financial items were NOK - 88.3 million (NOK - 202.1 million), whereof
value adjustment of debt was NOK - 60.2 million (NOK - 199.5 million).
* The profit before tax was NOK 27.5 million (NOK 4.2 million).

Balance and liquidity per 30/06/25

Total current assets amounted to NOK 316.1 million on 30/06/25, whereof bank
deposits were NOK 155.1 million (whereof NOK 3.4 million restricted cash related
to withholding tax).

On 30/06/24, total current assets amounted to NOK 301.0 million, whereof bank
deposits amounted to NOK 166.0 million (of this NOK 8.7 million restricted cash
related to withholding tax and interest and instalment payments).

Net cash flow from operations was per 30/06/25 NOK 108.6 million (NOK 139.8
million). Cash flow from investing activities was NOK - 56.8 million (NOK -
10.7 million).

Payment of loan instalments and lease liabilities constituted a net change from
financing activities of NOK - 44.5 million (NOK - 62.7 million).

As of 30/06/25, the book value of the fleet is NOK 1,180.9 million.

As of 30/06/25, total long-term debt in the balance sheet amounted to NOK 538.9
million, which includes loans provided by the sister company Havila Finans AS of
NOK 499.6 million.

The fair value of the remaining debt is estimated at NOK 155 million.  The fair
value of the conversion right of non-interest-bearing debt is estimated at NOK
184 million.

The remaining liquidity loan from Havila Holding amounts to NOK 54 million and
the fair value of the conversion right is estimated at NOK 137 million.
Together with accrued interest, this constitutes a short-term part of long-term
debt in the balance sheet of NOK 530 million.

As of 30/06/25, nominal value of interest-bearing debt was NOK 637.3 million,
and nominal value of non-interest-bearing debt was NOK 602.1 million. All
nominal interest-bearing debt is in NOK.

Fleet

Havila Shipping ASA operates today 14 vessels,

10 PSV

- Four owned externally

- One owned 50% and not consolidated

3 Subsea

- One owned externally

- One hired out on bareboat contract

1 RRV (bareboat)

Man-years

Havila Shipping ASA employed in Q2 2025 398 seamen on the company's vessels and
vessels on management, in addition to 12 man-years in the administration.

Contacts:

Chief Executive Officer Njål Sævik, +47 909 35 722
Chief Financial Officer Arne Johan Dale, +47 909 87 706

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

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