Hav Group (HAV) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached NOK 310.1 million, up from NOK 113.5 million in Q4 2023, with EBITDA of NOK 7.9 million, reversing last year's negative result.

• Order backlog at year-end 2024 was NOK 1,227 million, a 103% increase year-over-year, reflecting strong order intake in recent quarters.

• New contracts in energy design, smart control, and aquaculture contributed to over NOK 200 million in Q4 orders, with an additional NOK 100 million post-quarter.

• Cash balance stood at NOK 250.4 million at year-end, supporting future growth.

• Recent contract wins are in early phases and have not yet contributed significantly to income or margins.

Financial highlights

• Q4 2024 operating income: NOK 310.1 million; EBITDA: NOK 7.9 million (2.6% margin); EBIT: NOK 3.6 million (1.2% margin); net profit: NOK 10.4 million.

• Cash flow from operations was positive NOK 96.5 million in Q4 2024.

• Cash and bank deposits increased by NOK 98.4 million year-over-year.

• Equity decreased to NOK 81.3 million, with equity ratio dropping to 13.5% from 21.3% due to higher balance from advance payments.

• Book-to-bill ratio in Q4: 0.69.

Outlook and guidance

• Significant revenue and margin growth expected in 2025, driven by recent contract wins and robust tender activity.

• Global shipbuilding market outlook remains positive and stable, supporting future growth.

• Market exposure is mainly European and Norwegian, limiting risk from international trade conflicts.

• No specific financial guidance provided due to project-based business volatility, but positive indications for 2025 shared.