Fosnavåg, Norway, 14 March 2025: HAV Group ASA (HAV Group, OSE: HAV) reported revenue of NOK 310.1 million in the fourth quarter of 2024 (Q4 2023: NOK 113.5 million). EBITDA* for the fourth quarter was at NOK +7.9 million (-26.1). The company’s operating cash flow was strong at NOK 96.5 million (-78).
“We deliver a considerably enhanced EBITDA result compared to both the fourth quarter 2023 and the previous quarters of 2024. It has been particularly pleasing to see a strengthened financial performance from our energy design and smart control systems business,” says Gunnar Larsen, CEO of HAV Group.
Order intake in the fourth quarter 2024 was NOK 214 (109.8), representing a book-to-bill of x0.69. The order intake includes an order to Green Yard Kleven for delivery of energy design, integrated automation system and future oriented bridge system and battery package to newbuild field support vessel. It also includes two onshore charging stations for use by the four autonomous, zero-emission ferries that will operate the Lavik-Oppedal crossing on the west coast of Norway.
HAV Group’s external order backlog stood at NOK 1,227 million at the end of the fourth quarter, versus NOK 604 million one year prior.
HAV Group has been awarded important contracts after the end of the fourth quarter too. In January, it was announced contracts for delivery of power systems for 8 x Wilson bulk carriers. Further, its water treatment business has won a breakthrough project within land-based aquaculture and signed a contract to equip two live fish carriers.
“We entered 2025 with an order backlog that was twice as high as the same time the prior year. This provides us with much stronger visibility for the coming year. It is also encouraging to see that we are starting to win more work in the aquaculture industry, which has been a priority for us,” says Gunnar Larsen.
HAV Group reported revenue of NOK 310.1 million (113.5) in the fourth quarter. EBITDA was NOK 7.9 million (-26.1), and EBIT was NOK 3.6 million (-30.3). Cash flow from operations was NOK 96.5 million in the fourth quarter (-78.0). Net cash flow was NOK 101.6 million in the quarter (-80.7).
For the full-year 2024, HAV Group delivered revenue of NOK 765.2 million (617.1), with EBITDA of NOK -34.9 million (9.1), and EBIT of NOK -51.3 million (-7.9).
“We guided on revenue growth in 2024 compared to 2023 and are pleased to deliver on this. However, our ambitions are much higher for 2025,” adds Gunnar Larsen.
OUTLOOK
Global megatrends, including regulatory changes as well as increasing pressure on vessel and cargo owners to remain competitive, provide commercial incentives and regulatory requirements for the maritime industry to invest in vessels’ lifecycle performance. HAV Group possesses the technologies and products that enable shipowners to optimize their vessels’ operational, financial and environmental performance.
The global shipbuilding market is predicted to remain at a stable level in the coming years, providing ample opportunities for HAV Group.
Although international trade conflicts create unwanted market uncertainty, the large majority of HAV Group’s market exposure is towards European and Norwegian customers – thereby limiting the group’s exposure to intercontinental tariff regimes.
Looking ahead, HAV Group reiterates its previous guidance and expects significant revenue growth in 2025, driven by recent contract wins and robust tender activity, with associated margin improvements.
Q4 2024 PRESENTATION
HAV Group will present its fourth quarter 2024 financial results via webcast today at 08:00 CET.
Presenters are Gunnar Larsen, CEO, and Pål Aurvåg, CFO.
Link to webcast: https://www.havgroup.no/webcasts
Questions can be submitted during the webcast. However, questions submitted in advance via the link will have better chance of being answered. Questions can be submitted through this URL: https://www.menti.com/alhveaubnw45
The presentation material and fourth quarter 2024 report are enclosed to this announcement.
*EBITDA and other alternative performance measures (APMs) are defined and reconciled to the NGAAP financial statements as a part of the APM section of the annual report.
Download report and presentation here
(ENDS)
For additional information, please contact:
Gunnar Larsen, CEO
gunnar.larsen@havgroup.no
+47 901 05 694
About HAV Group
HAV Group and its subsidiaries (together: “HAV Group”) is an international provider of technology and services for maritime and marine industries. HAV Group has several decades of industry experience, in addition to special expertise in guiding the marine and maritime industries through the green shift and towards the goal of zero emissions. HAV Group ASA is listed on Euronext Growth under the ticker code HAV. This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Daniel Kopperstad, Head of Legal Affairs, on 14 March 2025 at 07:00 CET.
