Hav Group Asa · OSL:HAV
Hav Group Asa — Q1 2025 Earnings Presentation
24 slides from Hav Group Asa's earnings presentation, May 28, 2025
Slide 1: HAV Group ASA First quarter financial results 2025
HAV GROUP ASA First quarter financial results 2025 Gunnar Larsen, CEO Pål Aurvåg, CFO 27.05.25
Slide 2: Agenda
Agenda 1. Q1 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
Slide 3: Q1 2025 Highlights
Q1 2025 HIGHLIGHTS Key developments • Solid order backlog of NOK 1,267 million as of 31 March 2025, up 25% from 31 March 2024, reflecting strong order intake in recent quarters Operating income EBITDA Cash balance • New orders for more than NOK 180 million signed in Q1 NOK 147.9m NOK 0.4m NOK 246.9m
Slide 4: Order intake & backlog
Order intake & backlog Order intake per quarter Order backlog development 600 570 533 1600 1387 500 1400 1322 1267 1227 1200 400 1010 1000 300 800 214 189 600 200 400 100 70 200 0 0 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 NOK 200 million contract to develop SOV for ESVAGT (17 Jul
Slide 5: HAV Group in brief
HAV Group in brief A sustainable sustainablefuture futureatatsea sea www.havgroup.no www.havgroup.no
Slide 6: HAV Group in brief
Headquarters Fosnavåg, Norway Enabling optimized vessel performance, safety and operating costs CEO Gunnar Larsen Employees Value proposition: Improves vessel and cargo owners’ competitiveness by providing advice and optimized 167 solutions throughout a ship’s lifecycle Operating income Q1 2025 NOK
Slide 7: Supplier of innovative ship design, energy systems, propulsion and water treatment
Supplier of innovative Supplier of sustainable Supplier of zero-emission Supplier of ballast water ship design. energy systems. electric hydrogen-based energy treatment systems and pioneering the design propulsion. automation. and systems for vessels. process water treatment and construction of NavC
Slide 8: Our main industry segments
Our main industry segments Offshore wind Oil and gas Ferries and ropax Aquaculture Fishery Short sea cargo A sustainable future at sea www.havgroup.no
Slide 9: Segment information
Segment information A sustainable sustainablefuture futureatatsea sea www.havgroup.no www.havgroup.no
Slide 10: Ship design
Ship design Q1 highlights • Development of the most efficient vessels possible. • Result affected by low capacity utilisation in the period covering every aspect of vessel performance and functionality. through: • Temporary lay-offs implemented in order to reduce cost base • Concept development • De
Slide 11: Energy design and smart control systems
Energy design and Q1 highlights smart control • Solid financial results in the period • New contracts: systems • Delivery of power systems for 8 x Wilson bulk carriers • Two onshore charging stations for ferries • Supplier of low and zero-emission energy. propulsion and control systems for the globa
Slide 12: Water treatment systems
Water treatment Q1 highlights systems • Main sales and marketing focus of ballast water treatment systems (BWTS) shifted from retrofit to newbuilds • Ballast water treatment systems (BWTS) for ships • Signed contracts for more than 20 MNOK in the live fish carrier segment • Compact and highly flexib
Slide 13: Hydrogen-based energy systems
Hydrogen-based Status energy systems • The maritime markets adoption of hydrogen as ship fuel is taking longer then expected • Uncertainty regarding the realization of ZEPOD deliveries to the Maris Fiducia project, which may affect Enova funding offer • Complete and scalable zero-emission hydrogen-b
Slide 14: Order backlog: segment breakdown
Order backlog: segment breakdown 1200 1012 1000 26 800 600 560 Q1 2024 461 Q1 2025 400 1267 200 166 89 43 External Internal 0 Ship design Energy design & smart Water treatment control systems A sustainable future at sea www.havgroup.no
Slide 15: Financials
Financials A sustainable sustainablefuture futureatatsea sea www.havgroup.no www.havgroup.no
Slide 16: Revenue and EBITDA: strong improvement vs Q1 2024
Revenue and EBITDA: strong improvement vs Q1 2024 Revenue EBITDA 350 10 7,7 303,9 5 300 0,0 0,4 0 250 -5 200 192,2 -10 147,9 150 127,1 134,8 -15 100 -20 -18,0 50 -25 -24,8 0 -30 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 A sustainable future at sea www.havgroup.no
Slide 17: Q1 2025 key financials
Q1 2025 key financials Comments NOKm Q1 2025 Q1 2024 2024 • Revenue growth of 16% vs Q1 last year Unaudited Unaudited Audited • Based on the order back-log the turnover will Operating income 147.9 127.1 759.0 increase the coming quarters EBITDA 0.4 -18.0 - 35.1 • Profit improvement compared to previ
Slide 18: Segment financials
Ship design Water treatment systems NOKm Q1 2025 Q1 2024 2024 NOKm Q1 2025 Q1 2024 2024 Operating income 30.7 39.3 334.9 Operating income 14.2 28.5 97.7 EBITDA -4.3 1.6 7.9 EBITDA -4.3 -0.8 0.3 Profit before tax -4.8 3.0 9.8 Profit before tax -6.8 -2.6 -7.7 Energy design & smart control Hydrogen-bas
Slide 19: Q1 2025 balance sheet
Q1 2025 balance sheet Comments NOKm Q1 2025 2024 NOKm Q1 2025 2024 unaudited audited unaudited audited Assets: Non-current assets Equity • Total receivables increased by NOK 105.2 million from year end. Total intangible assets 82.9 85.1 Total equity 84.9 86.5 • Cash decreased by NOK 3.5 million from
Slide 20: Q1 2025 cash flow statement
Q1 2025 cash flow statement Comments Q1 2025 (NOKm) NOKm Q1 2025 Q1 2024 2024 Unaudited Unaudited Audited Positive cash flow from operations • Advance payment from Customers 143.3 • Net payable/receivable changes - 59.7 Net cash flow from Operating activities 2.0 -28.9 100.0 • Net other current rece
Slide 21: Summary and market outlook
Summary and market outlook A sustainable sustainablefuture futureatatsea sea www.havgroup.no www.havgroup.no
Slide 22: Summary
Summary Positive EBITDA in Q1 2025 with New orders for NOK 188 million Solid order backlog of NOK 1,267 Strategic adjustment in hydrogen growth and solid results in the signed in Q1 2025 million at end Q1 2025 initiatives to align with market energy and smart control segment maturity, preserving cor
Slide 23: Outlook
Outlook • Global megatrends – including the green transition, stricter regulations, and increasing competitive pressure – continue to reshape the maritime industry. In this environment, investing in vessel lifecycle performance is both a commercial necessity and a regulatory demand. HAV Group is wel
Slide 24: Q&A
Q&A A sustainable sustainablefuture futureatatsea sea www.havgroup.no www.havgroup.no