HAV Group ASA: Third quarter 2025 financial results

21 Nov 2025 07:00 CET

Fosnavåg, 21 November 2025: HAV Group ASA (OSE: HAV) delivered significantly
improved revenue and EBITDA-result in this year’s third quarter. Revenue ended
at NOK 193.7 million, a 44 percent increase from the same quarter last year
(134.8). EBITDA* improved to NOK 1.5 million from NOK -24.8 million last year.

HAV Group’s order intake was NOK 171 million in the third quarter (70), driven
by new contracts in the energy design and smart control systems business. At the
end of September, HAV Group’s order backlog stood at NOK 1,266 million (1,322).

“We deliver considerably improved numbers compared to the third quarter last
year, and the fourth quarter in a row with positive EBITDA-result. Our energy
design and smart control business is the big positive, while we are working hard
to improve our performance in our other business areas,” says Gunnar Larsen, CEO
of HAV Group.

HAV Group’s energy design and smart control systems business is currently the
group’s main driver of revenue, profitability and order intake. The business
area won two important contracts with Tersan Shipyard in Turkey during the third
quarter and has won a contract with Fitjar Mekaniske Verksted subsequent to the
end of the quarter.

Both HAV Group’s water treatment business and ship design business delivered
negative EBITDA numbers in the third quarter. Encouragingly, the water treatment
business continues to win work in the aquaculture industry, with another project
win announced on 13 November 2025. The financial results of HAV Group’s ship
design business are still negatively impacted by low workforce utilisation.

HAV Group reported revenue of NOK 193.7 million (134.8) in this year’s third
quarter. EBITDA was NOK 1.5 million (-24.8), with a net profit of NOK -4.2
million (-19). HAV Group maintains a strong balance sheet with a cash balance of
NOK 271 million (148.8) and interest-bearing debt of NOK 1 million as of 30
September 2025.

OUTLOOK

The green transition, stricter regulations, and increasing competition continue
to shape the maritime industry. HAV Group is well positioned to address these
challenges with technology that enhances vessel operations, profitability, and
environmental performance.

While geopolitical uncertainty and tariff issues create headwinds, the global
shipbuilding market is predicted to remain at a stable level in the coming
years. HAV Group’s main market presence in the European and Norwegian markets
reduces exposure to transcontinental trade conflicts.

HAV Group expects that Q4 will be the strongest quarter in 2025. The positive
development seen in 2025 is expected to continue in 2026, driven by contract
wins with corresponding margin improvements.

Q3 2025 PRESENTATION

HAV Group will present its third quarter 2025 financial results via webcast
today at 08:00 CET. The presenter is Gunnar Larsen, CEO.

Link to webcast: https://www.youtube.com/live/bAvgGLBpavs

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/alsp2d87zrfj

The presentation material and third quarter 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 21
November 2025 at 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

660258_HAV_rapport_Q3.2025_Final.pdf
660258_HAV Group_Q3 2025_Presentation_Final.pdf