Havila Shipping (HAVI) Q3 2025 earnings summary

Executive summary

• Freight revenues in Q3 2025 were NOK 149.3 million, up NOK 8.5 million year-over-year but down NOK 16.2 million sequentially, with lower assignment rates and utilization due to planned vessel maintenance.

• Operating profit before depreciation in Q3 2025 was NOK 72.5 million, up from NOK 69.0 million in Q3 2024.

• Profit before tax for Q3 2025 was NOK 9.0 million, compared to NOK 3.3 million in Q3 2024.

• Year-to-date 2025, total operating income reached NOK 504.2 million, up from NOK 429.2 million in the same period last year.

• Fleet utilization in Q3 2025 was 95.3%.

Financial highlights

• Q3 2025 total operating income: NOK 156.7 million (Q3 2024: NOK 150.2 million).

• Q3 2025 total operating expenses: NOK 84.1 million (Q3 2024: NOK 81.2 million).

• Depreciation in Q3 2025: NOK 50.0 million (Q3 2024: NOK 36.9 million).

• Net financial items in Q3 2025: NOK -13.9 million, including a NOK 38.7 million value adjustment of debt.

• Year-to-date profit before tax: NOK 36.5 million (YTD 2024: NOK 7.8 million).

Outlook and guidance

• The company will maintain a minimum cash position of NOK 50.0 million as per loan agreements.

• Shareholder dilution is expected due to conversion rights on non-interest-bearing debt, with a significant increase in shares anticipated by year-end 2025.

• A court verdict regarding a dispute with lenders over refinancing is expected by year-end 2025.