Havila Shipping
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Havila Shipping (HAVI) investor relations material

Havila Shipping Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Freight revenues in Q4 2025 were NOK 135.5 million, down NOK 12.5 million year-over-year and NOK 13.8 million sequentially, with lower assignment rates and utilization.

  • Operating profit before depreciation in Q4 2025 was NOK 52.7 million, compared to NOK 68.2 million in Q4 2024.

  • Profit before tax for Q4 2025 was NOK -26.2 million, a significant decline from NOK 6.5 million in Q4 2024.

  • For the full year 2025, total operating income was NOK 648.0 million, up from NOK 585.1 million in 2024.

  • The company operated 14 vessels as of 31/12/25, with 91% fleet utilization in Q4 2025.

Financial highlights

  • Q4 2025 total operating income: NOK 143.8 million (Q4 2024: NOK 155.9 million).

  • Q4 2025 total operating expenses: NOK 91.1 million (Q4 2024: NOK 87.7 million).

  • Q4 2025 depreciation: NOK 51.7 million (Q4 2024: NOK 39.0 million).

  • Q4 2025 net financial items: NOK -27.6 million (Q4 2024: NOK -23.4 million).

  • Full year 2025 profit before tax: NOK 10.3 million (2024: NOK 10.4 million).

Outlook and guidance

  • Several vessel contracts extended in Q4, including with Equinor and Peterson Den Helder.

  • Bareboat contract for Havila Harmony extended through 2026.

  • No significant events after the balance sheet date affecting financial position.

Legal dispute's impact on debt conversion
Refinancing plan if legal appeal fails
Fleet valuation sensitivity to key assumptions
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Frequently asked questions

Havila Shipping ASA is a Norwegian maritime company that operates a fleet of offshore support vessels, servicing the global oil and gas industry. The company offers services such as platform supply, anchor handling, and subsea construction support. Its vessels are designed to handle operations in harsh offshore environments, supporting the exploration, production, and maintenance phases of oil fields. Havila Shipping is headquartered in Fosnavåg, Norway, and its shares are listed on the Oslo Stock Exchange.

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