Hav Group (HAV) Q2 2025 earnings summary

Executive summary

• Achieved Q2 2025 revenue of NOK 193.3 million, with EBITDA improving to NOK 4.1 million and positive for the third consecutive quarter.

• Strong order intake of NOK 215 million, including major contracts for charging stations, power and automation systems, and ship design.

• Cash balance increased to NOK 293 million, more than double compared to the same period last year.

• Maintained a robust order backlog of NOK 1.288 billion at quarter-end.

• Strategic realignment and downscaling of hydrogen business executed, with annual cost savings of NOK 10 million expected.

Financial highlights

• Revenue for H1 2025 was 6.5% higher than H1 2024, with all main financial KPIs improved year-over-year.

• EBITDA margin for Q2 2025 was 2.1%, up from 0.0% in Q2 2024; EBIT improved to NOK -0.4 million from NOK -3.9 million last year.

• Profit before tax was NOK 2.0 million, up from a loss of NOK 7.0 million in Q2 2024.

• Cash flow from operations was NOK 54 million YTD 2025, supporting a cash balance of NOK 293 million.

• Total liabilities increased to NOK 648.5 million, mainly due to higher advance payments from customers.

Outlook and guidance

• Operating income and turnover expected to increase in H2 2025, with Q4 anticipated to be the strongest quarter.

• Guidance maintained for solid revenue growth and margin improvements, driven by recent contract awards and active tendering.

• Well positioned for the green transition and stricter maritime regulations, with stable market outlook despite geopolitical and tariff headwinds.