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Havila Shipping (HAVI) investor relations material
Havila Shipping Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Freight revenues in Q3 2025 were NOK 149.3 million, up NOK 8.5 million year-over-year but down NOK 16.2 million sequentially, with lower assignment rates and utilization due to planned vessel maintenance.
Operating profit before depreciation in Q3 2025 was NOK 72.5 million, up from NOK 69.0 million in Q3 2024.
Profit before tax for Q3 2025 was NOK 9.0 million, compared to NOK 3.3 million in Q3 2024.
Year-to-date 2025, total operating income reached NOK 504.2 million, up from NOK 429.2 million in the same period last year.
Fleet utilization in Q3 2025 was 95.3%.
Financial highlights
Q3 2025 total operating income: NOK 156.7 million (Q3 2024: NOK 150.2 million).
Q3 2025 total operating expenses: NOK 84.1 million (Q3 2024: NOK 81.2 million).
Depreciation in Q3 2025: NOK 50.0 million (Q3 2024: NOK 36.9 million).
Net financial items in Q3 2025: NOK -13.9 million, including a NOK 38.7 million value adjustment of debt.
Year-to-date profit before tax: NOK 36.5 million (YTD 2024: NOK 7.8 million).
Outlook and guidance
The company will maintain a minimum cash position of NOK 50.0 million as per loan agreements.
Shareholder dilution is expected due to conversion rights on non-interest-bearing debt, with a significant increase in shares anticipated by year-end 2025.
A court verdict regarding a dispute with lenders over refinancing is expected by year-end 2025.
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