Hav Group (HAV) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue increased to NOK 147.9 million from NOK 127.1 million year-over-year, driven by strong results in the Energy Design & Smart Control segment.

• EBITDA improved to NOK 0.4 million (0.3% margin) from NOK -18.0 million (-14.2%) in Q1 2024.

• Order intake reached NOK 188 million, with a book-to-bill ratio of 1.27 and order backlog at NOK 1,267 million, up 25% year-over-year.

• Strategic adjustments and cost reductions were made in the hydrogen segment due to slower market development.

• Cash position at quarter-end was NOK 246.9 million.

Financial highlights

• Q1 2025 revenue was NOK 147.9 million, up 16% from NOK 127.1 million in Q1 2024.

• EBITDA margin improved to 0.3% from -14.2% year-over-year.

• EBIT loss narrowed to NOK -4.2 million from NOK -22.0 million year-over-year.

• Net loss narrowed to NOK -2.5 million from NOK -21.3 million year-over-year.

• Book-to-bill ratio stood at 1.27.

Outlook and guidance

• Revenue and margin improvements are expected in 2025, supported by a strong order backlog and recent contract wins.

• Higher activity and turnover anticipated in the second half of 2025 compared to the first half.

• Market exposure is mainly in Europe and Norway, limiting risk from global trade conflicts.