(Fosnavåg, Norway, 24 November 2023) HAV Group ASA (HAV Group, OSE: HAV)
reported revenue of NOK 193 million in the third quarter of 2023, an increase
from NOK 136.6 million in the same quarter last year. As guided in the second
quarter presentation, HAV Group expected weaker operating result in the second
half 2023. EBITDA* for the third quarter ended at NOK -17.0 million (5.3). Order
intake in the quarter was strong at NOK 288 million (61).  

"Revenues are up, but differences in project mix and maintained capacity levels
result in weaker margins during the second half of the year, which is in line
with our guidance. We are optimistic about the future, though, and the quarterly
order intake and subsequent events has helped to reinforce this view. Further,
we are experiencing growth in tender pipeline for both our ship design and
energy design & smart control businesses, which both have available capacity
that we can capitalise on," says Gunnar Larsen, CEO of HAV Group.

Order intake in the third quarter 2023 was NOK 288 million, significantly up
from NOK 61 million in the same period last year. At quarter-end, HAV Group's
order backlog stood at NOK 607 million (481).

Subsequent to the end of third quarter, on 18 October 2023, HAV Group announced
that Fjord1 has committed to utilise HAV Group as technology partner and key
supplier to the four newbuild, autonomous zero-emission ferries that will
operate the Lavik-Oppedal route. This project can, contingent on a final
contract, become one of HAV Group's largest contracts ever, with substantial
delivers from HAV Group's ship design and energy design and smart control system
businesses. 

"Perhaps just as importantly, such a project will elevate HAV Group's market
position and competitive edge within vessel autonomy and automation, plus
emphasize our leading competence within zero emission ferry operations. The
dialogue with Fjord1 is constructive and ongoing," says Gunnar Larsen. 

HAV Group reported revenue of NOK 193 million (136.6) in this year's third
quarter, and EBIT was NOK -21.4 (0.8). Net cash flow was NOK -26.7 million in
the quarter (-42.2). The group's cash balance at the end of the third quarter
was NOK 232.7 million (257.5). 

OUTLOOK

Global megatrends with ambitious goals and increasingly stringent environmental
requirements provide incentives and requirements for the maritime industry to
reduce its environmental footprint considerably. IMO's recently announced GHG
reduction strategy for shipping has emphasized this further and is expected to
strengthen energy efficiency design requirements for ships.

Certain delayed investment decisions in combination with differences in project
mix, is expected to result in weaker margins in H2 2023 compared to H1 2023. HAV
Group is currently utilizing excess capacity in projects aimed at improving the
group's competitive position to be able to fully capitalise on the forthcoming
growth opportunities.

HAV Group is experiencing growth in tender pipeline for its ship design and
energy design and smart control businesses. 

HAV Group reiterates 2025 revenue outlook of NOK 1.3 billion, with periodic
fluctuations reflecting the project-driven business.

Q3 2023 PRESENTATION 

HAV Group will present its third quarter 2023 results via webcast today, Friday
24 November, at 08:00 CET. Presenters are Gunnar Larsen, CEO, and Pål Aurvåg,
CFO.

Link to webcast: https://vimeo.com/event/3882157  

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 here: https://www.menti.com/alcxq3imgv45


The presentation material is 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 24
November 2023 at 07:00 CET.