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Havila Shipping (HAVI) investor relations material
Havila Shipping Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Freight revenues in Q2 2025 reached NOK 165.5 million, up NOK 19.5 million year-over-year and stable sequentially.
Operating profit before depreciation was NOK 91.3 million in Q2 2025, compared to NOK 78.4 million in Q2 2024.
Profit before tax for Q2 2025 was NOK 8.7 million, up from NOK 4.0 million in Q2 2024.
For the first half of 2025, total operating income was NOK 347.5 million, with profit before tax at NOK 27.5 million.
Fleet utilization in Q2 2025 was 98.1%.
Financial highlights
Q2 2025 total operating income: NOK 175.0 million (Q2 2024: NOK 152.9 million).
Q2 2025 total operating expenses: NOK 83.7 million (Q2 2024: NOK 74.5 million).
Depreciation in Q2 2025: NOK 50.1 million (Q2 2024: NOK 35.9 million).
Net financial items in Q2 2025: NOK -35.1 million (Q2 2024: NOK -196.0 million), with value adjustment of debt at NOK -22.3 million.
H1 2025 net cash flow from operations: NOK 108.6 million (H1 2024: NOK 139.8 million).
Outlook and guidance
Non-interest-bearing debt is expected to be reduced based on vessel earnings, with a projected NOK 7.1 million reduction by Q3 2025.
Minimum cash position of NOK 50 million required throughout the agreement period.
Shareholder dilution expected due to conversion rights on non-interest-bearing debt, with up to 561 million shares possible by year-end.
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