Hav Group (HAV) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue increased 44% year-over-year to NOK 193.7 million, with EBITDA turning positive at NOK 1.5 million, marking the fourth consecutive quarter of positive EBITDA.

• Order intake reached NOK 171 million, maintaining a robust order backlog of NOK 1,266 million as of September 30, 2025.

• Energy design and smart control systems delivered strong results, while ship design and water treatment segments underperformed expectations.

• Cash position stood at NOK 271.4 million, reflecting a solid financial position.

• Profit before tax improved to NOK -4.2 million from NOK -19.0 million year-over-year.

Financial highlights

• Operating income for Q3 2025 was NOK 193.7 million, up from NOK 134.8 million in Q3 2024.

• EBITDA improved to NOK 1.5 million (0.8%) from NOK -24.8 million (-18.4%) year-over-year.

• EBIT for Q3 2025 was NOK -2.5 million, versus NOK -28.9 million in Q3 2024.

• Net loss narrowed to NOK -4.2 million from NOK -19.0 million in Q3 2024.

• Cash and cash equivalents at quarter-end were NOK 271.4 million, up from NOK 21.0 million a year earlier.

Outlook and guidance

• Q4 2025 is expected to be the strongest quarter of the year, with continued positive momentum into 2026.

• Margin improvements and growth anticipated, especially in energy design and smart control systems.

• The company is well positioned to benefit from global green transition trends and stricter maritime regulations.