Hav Group (HAV) Q1 2026 earnings summary

Executive summary

• Revenue grew 57% year-over-year in Q1 2026, reaching NOK 233.1 million, with significant improvement in profitability and margins, primarily driven by the energy design and smart control systems segment.

• EBITDA improved to NOK 11.8 million (margin 5.1%), up from NOK 0.4 million (margin 0.3%) in Q1 2025.

• Order intake was NOK 148 million, with an order backlog of NOK 1.058 billion as of March 31, 2026, providing strong visibility into 2026 and beyond.

• A strategic review has been initiated to explore value-creating opportunities, including potential sales, partnerships, or mergers.

• Profit before tax was NOK 4.4 million, reversing a loss in Q1 2025.

Financial highlights

• Operating income for Q1 2026 was NOK 233.1 million; EBITDA NOK 11.8 million (margin 5.1%); EBIT NOK 6.0 million; net profit NOK 4.4 million.

• EBITDA margin improved to 5.5% from 0.3% year-over-year.

• Cash balance at period end was NOK 134.8 million, later updated to NOK 220 million post-quarter.

• Negative operating cash flow of NOK 58.3 million, mainly due to increased receivables.

• No non-current bank debt; financial position remains strong.

Outlook and guidance

• Expect continued revenue growth and improved margins in 2026 compared to 2025, supported by strong order book and pipeline, especially in energy design and smart control systems.

• Market outlook remains stable and attractive despite short-term geopolitical and market timing uncertainties.

• Electrification and emission-reducing technologies, supported by regulatory trends, are expected to drive future demand.