Havila Shipping (HAVI) Q2 2025 earnings summary

Executive summary

• Freight revenues in Q2 2025 reached NOK 165.5 million, up NOK 19.5 million year-over-year and stable sequentially.

• Operating profit before depreciation was NOK 91.3 million in Q2 2025, compared to NOK 78.4 million in Q2 2024.

• Profit before tax for Q2 2025 was NOK 8.7 million, up from NOK 4.0 million in Q2 2024.

• For the first half of 2025, total operating income was NOK 347.5 million, with profit before tax at NOK 27.5 million.

• Fleet utilization in Q2 2025 was 98.1%.

Financial highlights

• Q2 2025 total operating income: NOK 175.0 million (Q2 2024: NOK 152.9 million).

• Q2 2025 total operating expenses: NOK 83.7 million (Q2 2024: NOK 74.5 million).

• Depreciation in Q2 2025: NOK 50.1 million (Q2 2024: NOK 35.9 million).

• Net financial items in Q2 2025: NOK -35.1 million (Q2 2024: NOK -196.0 million), with value adjustment of debt at NOK -22.3 million.

• H1 2025 net cash flow from operations: NOK 108.6 million (H1 2024: NOK 139.8 million).

Outlook and guidance

• Non-interest-bearing debt is expected to be reduced based on vessel earnings, with a projected NOK 7.1 million reduction by Q3 2025.

• Minimum cash position of NOK 50 million required throughout the agreement period.

• Shareholder dilution expected due to conversion rights on non-interest-bearing debt, with up to 561 million shares possible by year-end.