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A sustainable future at sea
www.havgroup.no
A sustainable future at sea
www.havgroup.no
A sustainable future at sea
www.havgroup.no
A sustainable future at sea
www.havgroup.no
A sustainable future at sea
www.havgroup.no
A sustainable future at sea
www.havgroup.no
Agenda
1.
Q3 highlights
2. HAV Group in brief
3. Business segment update
4. Financials
5. Summary and outlook
6. Q&A
A sustainable future at sea
www.havgroup.no
Q3 2025 HIGHLIGHTS
Key developments
•
Significant revenue and EBITDA improvements vs Q3 2024:
•
Revenue up 44% to NOK 193.7 million (Q3 2024: 134.8 million)
•
EBITDA of NOK 1.5 million (-24.8)
•
Fourth quarter in a row with positive EBITDA result
•
Continued strong performance from energy design and smart control systems
•
Solid balance sheet: Cash balance of NOK 271 million as of 30 September 2025
•
Order intake of NOK 171 million in the quarter (70), including:
•
Contract to deliver five container-based water purification systems to
Greenland
•
Award to supply three complete “Raven” integrated navigation systems, to be
installed on three ferries under construction at Tersan Shipyard in Turkey
•
Contract to act as system integrator and deliver power and automation systems
for a newbuild ferry that Tersan Shipyard is constructing
•
Maintaining a strong order backlog of NOK 1,266 million as of 30 September
2025
Subsequent events
•
Contract to act as system integrator and deliver power and automation system
to a live fish carrier that Fitjar Mekaniske Verksted is building for North Salmon
Service
•
Contract to supply complete water treatment system to Nordic Halibut
Operating income
NOK 193.7m
EBITDA
NOK 1.5m
Cash balance
NOK 271.4m
Order intake
NOK 171m
External backlog
NOK 1,266m
Book-to-bill
x0.88
A sustainable future at sea
www.havgroup.no
A sustainable future at sea
www.havgroup.no
A sustainable future at sea
www.havgroup.no
Order intake & backlog
1322
1227
1267
1288
1266
500
600
700
800
900
1000
1100
1200
1300
1400
Q3/24
Q4/24
Q1/25
Q2/25
Q3/25
70
214
189
215
171
0
50
100
150
200
250
300
Q3/24
Q4/24
Q1/25
Q2/25
Q3/25
Order intake per quarter
Order backlog development
NOK 200 million contract to develop SOV for ESVAGT (17 July 23) is not included in external backlog per Q2)
A sustainable future at sea
www.havgroup.no
A sustainable future at sea
www.havgroup.no
HAV Group in brief
Headquarters
Fosnavåg, Norway
Employees
163
CEO
Gunnar Larsen
Operating income Q3 2025
NOK 193.7 million
Order backlog Q3 2025
NOK 1,266 million
Market cap per 20/11 2025
NOK 237.3 million
Value proposition: Improves vessel and cargo
owners’ competitiveness by providing advice and
optimized solutions throughout a ship’s lifecycle
Vision: A sustainable future at sea
Technology: Ship design, energy design and smart
control systems, hydrogen-based energy systems,
and water treatment systems
Experts in guiding the marine and maritime
industries towards low and zero emission shipping
Enabling optimized vessel performance, safety and operating costs
A sustainable future at sea
www.havgroup.no
A sustainable future at sea
www.havgroup.no
A sustainable future at sea
www.havgroup.no
Our main industry segments
Offshore wind
Oil and gas
Ferries and ropax
Short sea cargo
Fishery
Aquaculture
A sustainable future at sea
www.havgroup.no
A sustainable future at sea
www.havgroup.no
Segment information
A sustainable future at sea
www.havgroup.no
Ship design | Q3 highlights
•
Richard Schofield appointed managing director of ship
design business
•
Joins latest 1 January 2026
•
Still unutilised capacity in ship design business, some
employees on temporary leave
•
Solid progress on ongoing ship design projects, including
Lavik-Oppedal ferries and North Salmon Service’s wellboat
•
Financial performance below expectations
HAV 595 design – live fish carrier
A sustainable future at sea
www.havgroup.no
Energy design and
smart control systems |
Q3 highlights
•
Another quarter with solid financial performance –
considerable improvement versus Q3 2024
•
Selected contract wins in Q3 2025:
•
Three complete “Raven” integrated navigation systems for
three ferries under construction at Tersan Shipyard, Turkey
•
EUR 7 million award to act as system integrator and deliver
power and automation systems for a newbuild ferry that Tersan
Shipyard is constructing
•
Order backlog NOK 1.05 billion
Events subsequent to the end of Q3:
Contract to act as system integrator and deliver power and
automation systems to a live fish carrier that shipbuilder Fitjar
Mekaniske Verksted is constructing for North Salmon Service
RAVEN Integrated Navigation System
A sustainable future at sea
www.havgroup.no
Water treatment systems |
Q3 highlights
•
New regulations for land-based aquaculture and
reopening of license applications announced on 1 July:
Disinfection requirement creates market opportunities for
water treatment business
•
Contract to deliver five container-based water purification
systems to isolated communities in Greenland
Events subsequent to the end of Q3:
•
Contract with Nordic Halibut AS for the delivery of a
complete water treatment system for the company’s new
halibut facility in Torjulvågen, Tingvoll
A sustainable future at sea
www.havgroup.no
Hydrogen-based energy
systems | Q3 highlights
•
Cost activity levels reduced in HAV Hydrogen, as earlier
communicated
•
Responsibility for maintenance of technology and
expertise has been transferred to HAV Group’s ship
design business
•
Sales of ZEPOD® and other technology is licenced to
HAV Group’s ship design business
•
Still some costs related to close out-activities, but this
is expected to be reduced further going forward
The ZEPOD® - a complete DNV
approved deckhouse hydrogen
energy system
A sustainable future at sea
www.havgroup.no
Order backlog: segment breakdown
368
958
39
142
1 055
86
0
200
400
600
800
1 000
1 200
Ship design
Energy design & smart
control
Water treatment
systems
Q3 2024
Q3 2025
1266
18
External
Internal
A sustainable future at sea
www.havgroup.no
A sustainable future at sea
www.havgroup.no
Financials
A sustainable future at sea
www.havgroup.no
Revenue and EBITDA
134,8
303,9
147,9
193,3
193,7
0
50
100
150
200
250
300
350
Q3/24
Q4/24
Q1/25
Q2/25
Q3/25
Revenue
-24,8
7,7
0,4
4,1
1,5
-30
-25
-20
-15
-10
-5
0
5
10
15
20
Q3/24
Q4/24
Q1/25
Q2/25
Q3/25
EBITDA
A sustainable future at sea
www.havgroup.no
Revenue and EBITDA
134,8
303,9
147,9
193,3
193,7
0
50
100
150
200
250
300
350
Q3/24
Q4/24
Q1/25
Q2/25
Q3/25
Revenue
-24,8
7,7
0,4
4,1
1,5
-30
-25
-20
-15
-10
-5
0
5
10
1
2
3
4
5
EBITDA
A sustainable future at sea
www.havgroup.no
Comments
•
High activity level in quarter
•
Considerably improved EBITDA and net
profit compared to Q3 last year
•
Significantly improved YTD EBITDA vs
same time last year
•
Based on the current order backlog,
operating income is expected to increase
in Q4 versus Q3
Q3 2025 key financials
NOKm
Q3 2025
Q3 2024
YTD 2025
YTD 2024
2024
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Operating income
193.7
134.8
535.0
455.1
759.0
EBITDA
1.5
-24.8
6.1
-42.8
- 35.1
EBIT
-2.5
-28.9
-7.1
-54.8
- 51.3
Net finance
-1.7
9.9
2.4
7.6
14.4
Net profit/loss
-4.2
-19.0
-4.7
-47.3
- 37.1
EBITDA margin
0.8%
-18.4%
1.1%
-9.4%
-4.6 %
A sustainable future at sea
www.havgroup.no
NOKm
Q3 2025
Q3 2024
2024
Operating income
0.0
0.0
0.9
EBITDA
-1.7
-3.1
-10.1
Profit before tax
-2.0
-3.4
-10.8
Hydrogen-based
energy systems
Ship design
NOKm
Q3 2025
Q3 2024
2024
Operating income
24.3
55.7
334.9
EBITDA
-8.1
-1.6
7.9
Profit before tax
-8.6
-0.4
9.8
Water treatment systems
Energy design & smart
control systems
NOKm
Q3 2025
Q3 2025
2024
Operating income
147.6
69.0
358.3
EBITDA
15.4
-12.3
-13.4
Profit before tax
14.4
-5.3
-7.2
NOKm
Q3 2025
Q3 2024
2024
Operating income
23.4
22.9
97.7
EBITDA
-0.4
-2.2
0.3
Profit before tax
-3.9
-3.7
7.7
A sustainable future at sea
www.havgroup.no
Comments
Assets:
•
Total receivables increased by NOK 67.0 million from
start of year
•
Cash balance of NOK 271.4 million as of 30 September
2025, up from NOK 21.0 million same time last year
Equity:
•
Total equity decreased by NOK 4.4 million to NOK 82.1
million per Q3 2025, caused by minor negative result
Total liabilities:
•
Total liabilities increased from NOK 514.6 million at
year end 2024 to NOK 597.2 million per Q3 2025. Main
reason is increased advance payments from customers
due to high order intake
•
Long-term interest-bearing debt NOK 1 million at the
end of Q3.
Q3 2025 balance sheet
NOKm
Q3 2025
2024
unaudited
audited
Non-current assets
Total intangible assets
80.0
85.1
Total tangible fixed assets
10.9
11.0
Financial fixed assets
0.1
0.2
Total non-current assets
91.1
96.3
Current assets
Total receivables
316.8
249.4
Cash and bank deposit
271.4
250.4
Total current assets
587.5
499.8
Other financial instruments
0.6
5.5
Total assets
679.3
601.3
NOKm
Q3 2025
2024
unaudited
audited
Total equity
82.1
86.5
Liabilities
Total provision for liabilities
1.8
2.0
Total long-term liabilities
4.7
13.7
Total non-current liabilities
6.5
15.8
Total current liabilities
590.7
499.1
Total liabilities
597.2
514.8
Total equity and liabilities
679.3
601.3
A sustainable future at sea
www.havgroup.no
Comments Q3 2025 (NOKm)
Negative cash flow from operations
•
Advance payment from customers -59.0
•
Net payable/receivable changes +37.0
•
Other + 6
Negative cashflow from investments
•
Mainly related to investments in R&D and
equipment
Negative cash flow from financing
•
Repayment non- current debt
Q3 2025 cash flow statement
NOKm
Q3 2025
Q3 2024
2024
Unaudited Unaudited
Audited
Net cash flow from Operating activities
-16.0
-30.4
100.0
Net cash flow from Investments activities
-2.6
2.8
-12.7
Net cash flow from Financing activities
-3.0
2.8
-11.1
Net change in cash and cash equivalents
-21.6
-24.8
98.5
Sum Cash and cash equivalent
271.4
148.8
250.4
A sustainable future at sea
www.havgroup.no
A sustainable future at sea
www.havgroup.no
Summary and market outlook
A sustainable future at sea
www.havgroup.no
A sustainable future at sea
www.havgroup.no
Summary
Financial performance in ship
design and water treatment
businesses still below
expectations
Fourth quarter in a row with
positive EBITDA result
Solid improvement versus 2024
– both Q3 and YTD
New orders for NOK 171 million
signed in Q3 2025
Solid order backlog of NOK
1,266 million as of 30
September 2025
Continued strong performance
by energy and smart control
systems segment
A sustainable future at sea
www.havgroup.no
A sustainable future at sea
www.havgroup.no
Outlook
•
Global megatrends: 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.
•
Market situation: 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.
•
Outlook: 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.
A sustainable future at sea
www.havgroup.no
A sustainable future at sea
www.havgroup.no
