Hav Group (HAV) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue increased 38% year-over-year to NOK 267.3 million, with EBITDA more than four times higher than Q2 2025 and margin rising to 6.5%.

• Energy Design & Smart Control systems segment was the main driver, achieving a 15% EBITDA margin and strong order backlog.

• Order intake was low at NOK 35 million, but a solid order backlog of NOK 826 million provides visibility into 2026.

• Strategic review process initiated to explore opportunities for shareholder value creation, including potential sales or mergers.

• Profit before tax was NOK 8.7 million (3.3% margin) versus a loss of NOK 2.0 million in Q2 2025.

Financial highlights

• Q2 2026 operating income: NOK 267.3 million; EBITDA: NOK 17.3 million; EBIT: NOK 11.6 million; net profit: NOK 8.7 million; EBITDA margin: 6.5%.

• Year-to-date 2026 revenue: NOK 500.4 million; EBITDA: NOK 29.1 million; EBIT: NOK 17.6 million; net profit: NOK 13.2 million; EBITDA margin: 5.8%.

• Cash balance at end of Q2: NOK 237.2 million, up NOK 38 million from year-end 2025; positive cash flow from operations of NOK 104.2 million in Q2.

• Equity increased to NOK 101.4 million, with an equity ratio of 15.1% (up from 13.1% at year-end 2025).

• No interest-bearing debt as of Q2 2026.

Outlook and guidance

• Full year 2026 guidance of revenue growth and improved margins versus 2025 is reiterated.

• Electrification and emission-reducing technologies are expected to drive future demand and market opportunities.

• High tender activity across all business segments; awaiting decisions on several tenders in H2 2026.

• Q4 expected to be stronger than Q3; visibility for 2027 to improve with Q3 results.