HAV Group ASA: First quarter 2026 financial results

Fosnavåg, 28 May 2026: HAV Group ASA (OSE: HAV) delivered revenue of NOK 233.1
million in the first quarter of 2026, an increase of 58 percent from the same
quarter last year. The EBITDA*-result improved to NOK 11.8 million (0.4
million). 

"We deliver a solid quarter, which is also a considerable improvement on the
corresponding period last year. Overall, the first quarter performance
underlines our positive guidance for 2026," says Gunnar Larsen, CEO of HAV
Group.
 
HAV Group's order intake in the first quarter was NOK 148 million (189). The
group's order backlog stood at NOK 1,058 million (1,267) as of 31 March 2026,
with the majority scheduled for execution in 2026. 

The main contributor to HAV Group's improved financial results is the business
area for energy design and smart control systems. This business, which is an
enabler of maritime electrification, enhanced its revenue and EBITDA-result by
more than 60 percent compared to the first quarter of 2025, achieving an
EBITDA-margin of 14%. It also secured the majority of HAV Group's order intake
in the period. 

"Not only does our business for energy design and smart control systems continue
to win more work, but it also delivers successfully on its current project
portfolio," adds Gunnar Larsen.
 
The business areas for water treatment systems and ship design delivered revenue
on par with previous quarters. However,  both require higher activity levels to
be able to deliver positive EBITDA numbers. Winning new contracts is therefore
top priority for both businesses. They are both pursuing a number of interesting
opportunities in the aquaculture industry, but the exact timing of potential
awards remains uncertain.
 
HAV Group reported revenue of NOK 233.1 million (147.9) in the first quarter.
EBITDA was NOK 11.8 million (0.4), equivalent to a margin of 5.1 percent (0.3%).
Net profit was NOK 4.4 million (-2.5). Net cash flow from operating activities
was -58.3 million (2) in the quarter due to a sizeable increase in accounts
receivables, of which a considerable amount has been settled in April and May.
HAV Group has no interest-bearing debt. 

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. 

STRATEGIC REVIEW

On 30 April 2026, subsequent to the end of the first quarter, HAV Group
announced that it has initiated a review that involves exploring strategic
opportunities for the group. HAV Group will update the market with any relevant
information in due course, but would like to emphasize that there is no
guarantee that the process results in a specific strategic outcome.
  
Q1 2026 PRESENTATION 

HAV Group will present its first quarter 2026 financial results via webcast
today at 08:00 CET. The presenters are CEO Gunnar Larsen and CFO Pål Aurvåg.

Link to webcast: https://youtube.com/live/fU-lNim-Dh4

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/albpj96okam1

The presentation material and first quarter 2026 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 28
May 2026 at 07:00 CET.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange