Fosnavåg, 27 August 2025: HAV Group ASA (OSE: HAV) reported revenue of NOK 193.3
million in this year's second quarter, which was on the same level as the same
quarter last year (193.2). EBITDA* improved to NOK 4.1 million (0.0), while net
cash flow was strong at NOK 42.6 million.

"We deliver a quarter with good activity level and can look back at three
quarters in a row with positive EBITDA-result. This is in line with our
guidance, but there is still room for improvements in some of our business
units," says Gunnar Larsen, CEO of HAV Group. 

HAV Group's order intake was NOK 215 million in the second quarter (570), driven
by new contracts in the energy design and smart control systems business. At the
end of June, HAV Group's order backlog stood at NOK 1,288 million, up from NOK
1,227 million at the beginning of the year. 

"Our energy design and smart control systems business continues to deliver solid
and improved financial results and continues to win new contracts. We are very
pleased with the improved performance and the win rate this business is
demonstrating," adds Gunnar Larsen.

HAV Group's water treatment business returned to positive EBITDA figures in the
second quarter of 2025. New disinfection requirements for land-based
aquaculture, and reopening of license applications announced on 1 July, is
expected to create new market opportunities for the water treatment system
business. 

HAV Group's ship design business is still delivering unsatisfactory financial
results because of low workforce utilisation.  However, in late June the
business was awarded a contract to provide the design for a new live fish
carrier for Norwegian aquaculture logistics operator North Salmon Service, with
the majority of design and engineering work to be executed in 2025. 

"The contract with North Salmon Service improves the situation short term, but
we will need to win more contracts in order to reach the profitability we expect
from our ship design business," adds Larsen, who has taken on the role as
interim managing director of HAV Design.  

As communicated in the Q1 2025 report and presentation, HAV Group has scaled
down its business unit for hydrogen-based energy systems. The intellectual
property rights are being safeguarded to be positioned to capitalize on future
market opportunities for the technology. HAV Group expects operational cost
savings of approximately NOK 10 million annually at the current low activity
level. 

HAV Group reported revenue of NOK 193.3 million (193.2) in this year's second
quarter. EBITDA was NOK 4.1 million (0.0), with a net profit of NOK 1.9 million
(-7.0). Net cash flow was NOK 42.6 million in the quarter (-28), growing the
group's cash balance to NOK 293.0 million, which is more than double the cash
balance at the same time last year (124). 

OUTLOOK

The green transition, stricter regulations, and increasing competition continue
to shape the maritime industry. HAV Group is well positioned to address these
challenges with technology that enhances vessel operations, profitability, and
environmental performance. 

While geopolitical uncertainty and tariff issues create headwinds, the global
shipbuilding market is predicted to remain at a stable level in the coming
years. HAV Group's main market presence in the European and Norwegian markets
reduces exposure to transcontinental trade conflicts.

HAV Group reiterates its previous guidance and expects significant revenue
growth in 2025, driven by recent contract wins and robust tender activity, with
corresponding margin improvements.

Q2/H1 2025 PRESENTATION 

HAV Group will present its second quarter and half-year 2025 financial results
via webcast today at 08:00 CET. Presenters are Gunnar Larsen, CEO, and Pål
Aurvåg, CFO.

Link to webcast: https://youtube.com/live/TgkGJtelcgg 

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/almapfnz81fn 

The presentation material and half-year 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.

(ENDS)

For additional information, please contact: 
Gunnar Larsen, CEO 
gunnar.larsen@havgroup.no 
+47 901 05 694 

About HAV Group | www.havgroup.no 
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 27
August 2025 at 07:00 CET.