Slide 1: A sustainable future at sea
A sustainable future at sea www.havgroup.no
Slide 2: Agenda
Agenda 1. Q4 2025 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: Q4 2025 highlights
Q4 2025 highlights Revenue per quarter Key developments 303,9 • Best quarter in 2025, in line with guidance: 268,1 • Highest revenue 193,3 193,7 147,9 • Strongest EBITDA-result and margin • Energy design and smart control systems remains key driver of positive results Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 •
Slide 4: Heading in the right direction
Heading in the right Revenue per year direction 765,2 803,0 617,1 • Revenue +5% vs prior year 2023 2024 2025 • Significantly improved EBITDA-result vs previous years EBITDA per year • Full-year EBITDA-margin of 2.8% 22,4 9,1 -34,8 2023 2024 2025 A sustainable future at sea www.havgroup.no
Slide 5: Order intake & backlog
Order intake & backlog Order intake per quarter Order backlog* development backlog per execution year Order backlog* 250 1400 214 215 1267 1288 1266 1300 1227 200 189 1200 1143 173 171 146 1100 150 1000 900 1143 100 800 970 50 700 600 0 500 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25
Slide 6: HAV Group in brief
HAV Group in brief A sustainable future future at sea www.havgroup.no www.havgroup.no
Slide 7: Enabling optimized vessel performance, safety and operating costs
A SUSTAINABLE E FUTURE E ATT SEA Enabling optimized vessel performance, safety and operating costs A sustainable future at sea www.havgroup.no
Slide 8: Fosnavåg, Norway
FOSNAVÅG, NORWAY CEO: Gunnar Larsen Employees: 163 Market Cap*: NOK 403 Million *PER 12/03 2025
Slide 9: 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 10: Segment information
Segment information A sustainable future future at sea www.havgroup.no www.havgroup.no
Slide 11: Water treatment systems | Q4 highlights
Water treatment systems | Q4 highlights F inancials Markett and d sales • Q4 revenue boosted by deliveries to aquaculture industry projects • Contract for water treatment system to halibut facility in Norway Operations • Decent tender activity level (retrofit and newbuild) for BWTS • 2025 best year
Slide 12: Ship design | Q4 highlights
Ship design | Q4 highlights Operations Financials • Richard Schofield joined as managing director 1 January 2026 • Financial performance in line with expectations given current activity • Still unutilised capacity, cost base reduced level, of which large majority is design/engineering work • Solid p
Slide 13: Energy design and smart control systems | Q4 highlights
Energy design and smart control systems | Q4 highlights F inancials Markett and d sales • Strongest quarter in several years • Contract with Fitjar Mek. Verksted to act as system integrator and deliver power and automation systems to live fish carrier • Revenue up 66% vs Q4 2024, EBITDA up 80% • Sol
Slide 14: Electrification trend rising rapidly: Ageing short sea shipping fleet opens opportunities
Electrification trend rising rapidly: Ageing short sea shipping fleet opens opportunities Globall battery/hybrid d vessell fleett in n line e Maritimee electrification n markett projected d att for 4 0% volume boost* CAGRR off 10-25% % fromm 20255 to o 2033** 440 1,512 1072 # of ships in # of ship
Slide 15: Hydrogen-based energy systems | Q4 highlights
Hydrogen-based energy systems | Q4 highlights Revenue • Cost levels gradually reduced in HAV Hydrogen (0.6 million in Q4 2025), expected to yield full effect from 0 0 0 0 0 2026 onwards Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 • Responsibility for maintenance of technology and expertise, plus sale of ZEPOD® an
Slide 16: Financials
Financials A sustainable future future at sea www.havgroup.no www.havgroup.no
Slide 17: Q4 2025 key financials
Q4 2025 key financials NOKm Q4 2025 Q4 2024 FY 2025 FY 2024 Comments • High activity level in quarter Unaudited Unaudited Unaudited Audited Operating income 268.1 303.9 803.1 759.0 • Considerably improved EBITDA compared EBITDA 16.3 7.7 22.4 - 35.1 to Q4 last year EBIT 9.8 3.3 2.7 - 51.3 • Significa
Slide 18: Q4 2025 balance sheet
Q4 2025 balance sheet Comments NOKm 2025 2024 NOKm 2025 2024 Assets: unaudited audited unaudited audited • Total receivables increased by NOK 149.4 million from start of year Non-current assets Total equity 91.4 86.5 Total intangible assets 76.1 85.1 • Cash balance of NOK 199.1 million as of 31 Dece
Slide 19: Q4 2025 cash flow statement
Q4 2025 cash flow statement NOKm Q4 2025 Q4 2024 2025 2024 Comments Q4 2025 (NOKm) Unaudited Unaudited Unaudited Audited Negative cash flow from operations • Advance payment from customers -20.0 Net cash flow from Operating activities -68.1 97.5 -30.1 100.0 • Net payable/receivable changes -88.0 • O
Slide 20: Summary and market outlook
Summary and market outlook A sustainable future future at sea www.havgroup.no www.havgroup.no
Slide 21: Summary
Summary Q4 the strongest quarter in Energy and smart control Solid order backlog of NOK 1.14 Measures being taken to 2025, in line with previous systems segment continues to billion provides good visibility improve operational/financial guidance deliver solid results for 2026 performance in non-prof
Slide 22: Outlook
Outlook Global megatrends: Outlook: The green transition, stricter regulations, and increasing competition continue to The positive development seen in 2025 is expected to continue in 2026, and HAV shape the maritime industry. In Europe, EU-regulations reward shipowners who Group anticipates both re