HAV Group ASA: Fourth quarter and interim full-year 2025 financial results

13 Mar 2026 07:00 CET

Fosnavåg, 13 March 2026: The fourth quarter was 2025’s strongest quarter for HAV
Group ASA (OSE: HAV). Revenue ended at NOK 268.1 million (303.9), while the
EBITDA* result improved to NOK 16.3 million (7.7). HAV Group expects that the
financial results will continue to improve in 2026 versus 2025.

“We are pleased to deliver a strong fourth quarter, in line with our guidance.
It concludes a year with positive EBITDA results in all four quarters, the
fourth being by far the strongest. We expect that the positive development seen
in 2025 will continue in 2026,” says Gunnar Larsen, CEO of HAV Group.

HAV Group’s order intake in the fourth quarter was NOK 146 million (214). The
group’s order backlog stood at NOK 1,143 million (1,227) at year-end 2025, with
a substantial amount scheduled for execution in 2026.

HAV Group’s energy design and smart control business is the main driver of HAV
Group’s strengthened financial performance, while there is still room for
improvement in the business areas for ship design and water treatment systems.

“We have implemented measures to enhance performance in the ship design and
water treatment businesses. These include intensified marketing efforts, which
have already started to show results, and strategies to boost aftermarket sales.
We remain optimistic about improving these business areas’ financial
performance,” adds Gunnar Larsen.

HAV Group reported revenue of NOK 268.1 million (303.9) in this year’s fourth
quarter. EBITDA was NOK 16.3 million (7.7), equivalent to a margin of 6.1
percent (2.5%). Net profit was NOK 9.2 million (10.2). HAV Group has no
interest-bearing debt.

For the full-year 2025, HAV Group delivered revenue of NOK 803.1 million, up 6
percent from the prior year (759). The full-year EBITDA was NOK 22.4 million
(-35.1), equivalent to a margin of 2.8 percent (-4.6%).

OUTLOOK
The green transition, stricter regulations, and increasing competition continue
to shape the maritime industry. In Europe, EU-regulations reward shipowners who
invest in emission-reducing technologies and penalise those who don’t. HAV Group
is well positioned to capitalise on this trend with technologies that enhance
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. Electrification is a key driver for making vessels more energy efficient
and for reducing emissions while the industry awaits large-scale adoption of
alternative fuels. This electrification trend is expected to grow significantly
in the years ahead, across vessel segments. This will create substantial market
opportunities for HAV Group.

The positive development seen in 2025 is expected to continue in 2026, and HAV
Group anticipates both revenue growth and improved EBITDA margin versus last
year.

Q4 2025 PRESENTATION
HAV Group will present its fourth quarter and interim full-year 2025 financial
results via webcast today at 08:00 CET. The presenters are CEO Gunnar Larsen and
CFO Pål Aurvåg.

Link to webcast: https://www.youtube.com/live/As16_Ts77is

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/al46bxopr4tb

The presentation material and fourth quarter 2025 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 industries. The Group applies
its specialist competence, technologies and solutions to improve vessel
performance, safety, environmental footprint and lifetime value for shipowners.
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 13
March 2026 at 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

668248_HAV Group_Q4 2025_Presentation_Final.pdf
668248_HAV_rapport_Q4.2025_Final.pdf