Hav Group (HAV) Q4 2025 earnings summary

Executive summary

• Q4 2025 was the strongest quarter of the year, delivering the highest revenue and EBITDA, in line with guidance and marking the fifth consecutive quarter of positive EBITDA.

• Full-year 2025 financial results improved significantly over 2024, with revenue up 5% year-over-year and EBITDA margin at 2.8%.

• Order backlog at year-end reached NOK 1.14 billion, providing strong visibility into 2026.

• Energy design and smart control systems were the primary growth driver, while targeted measures are underway to improve underperforming segments.

• The group is positioned to benefit from global green transition trends and stricter maritime regulations, especially in Europe.

Financial highlights

• Q4 2025 revenue was NOK 268.1 million, EBITDA NOK 16.3 million (6.1% margin), and EBIT NOK 9.2 million (3.7% margin).

• Full-year 2025 operating income was NOK 803.1 million, EBITDA NOK 22.4 million, EBIT NOK 2.7 million, and net profit NOK 4.5 million.

• Cash balance at year-end was NOK 199.1 million, with no long-term debt remaining.

• Negative operating cash flow in Q4 due to increased receivables and project-driven business cycles.

• Total assets increased to NOK 685.1 million at Q4 2025, with equity at NOK 91.4 million and an equity ratio of 13.3%.

Outlook and guidance

• Positive momentum from 2025 is expected to continue into 2026, with anticipated revenue growth and margin improvement.

• Electrification and emission-reducing technologies, supported by EU incentives and stricter regulations, are key market drivers.

• Margin uplift in 2026 will be led by Energy Design & Smart Control, with improvements expected in Ship Design and Water Treatment.