Summary

Freight revenues amounted to NOK 115.5 million in Q1 2026, a decrease of NOK 50.8 million compared to the corresponding period last year and a decrease of NOK 20.0 million compared to the previous quarter. The average rate of assignments and utilization in this quarter is lower than the previous quarter.  One vessel has been out of service for parts of the quarter due to planned workshop stays.

Operating expenses were NOK 89.9 million in Q1 2026, a decrease compared to Q1 2025 and Q4 2025 of NOK 1.2 million.

The company had a profit before depreciation and amortization of NOK 30.6 million in Q1 2026, compared to NOK 81.6 million in Q1 2025. 

No reversal of the previous impairment of vessels in Q1 2026 compared to NOK 32.0 million in Q1 2025.

Value adjustment of the company’s debt was approximately zero in Q1 2026, compared to NOK - 37.9 million in Q1 2025.

Profit before tax was NOK - 47.4 million in Q1 2026, compared to NOK 18.8 million in Q1 2025.

As of 31/03/26, the company had 14 vessels operated from Fosnavåg, six of which were for external owners.

Fleet utilization in Q1 2026 was 84.0%.

Result for 1 quarter 2026

• Total operating income amounted to NOK 120.5 million (NOK 172.6 million).
• Total operating expenses were NOK 89.9 million (NOK 91.0 million). 
• Operating profit before depreciation was NOK 30.6 million (NOK 81.6 million).
• Depreciation was NOK 60.3 million (NOK 45.0 million).
• Reversal of impairment charges was NOK 0.0 million (NOK 32.0 million)
• Net financial items were NOK - 18.4 million (NOK - 53.2 million) whereof value adjustment of debt was NOK -0.0 million (NOK - 37.9 million).
• The profit before tax was NOK - 47.4 million (NOK 18.8 million).

Balance and liquidity per 31/03/26

Total current assets amounted to NOK 317.1 million on 31/03/26, whereof bank deposits were NOK 168.4 million. On 31/03/25, total current assets amounted to NOK 295.7 million, whereof bank deposits amounted to NOK 170.9 million (of this NOK 0.7 million restricted cash related to withholding tax).

Net cash flow from operations was per 31/03/26 NOK - 12.8 million (NOK 53.3 million). Cash flow from investing activities was NOK - 27.3 million (NOK - 15.0 million). Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK - 7.3 million (NOK - 14.0 million).

As of 31/03/26, the book value of the fleet is NOK 1,096.8 million.

As of 31/03/26, total long-term debt in the balance sheet amounted to NOK 39.9 million.  The loans provided by the sister company Havila Finans AS of NOK 499.6 million are classified as short-term debt per 31/03/26.

The fair value of the remaining debt is estimated at NOK 123.9 million.  The fair value of the conversion right of non-interest-bearing debt is estimated at NOK 187.0 million.  The remaining liquidity loan from Havila Holding amounts to NOK 54.1 million and the fair value of the conversion right is estimated at NOK 140.0 million.  Together with accrued interest and the loans from Havila Finans AS, this constitutes a short-term part of long-term debt in the balance sheet of NOK 1 004.7 million.

As of 31/03/26, nominal value of interest-bearing debt was NOK 623.4 million, and nominal value of non-interest-bearing debt was NOK 589.7 million. All nominal interest-bearing debt is in NOK.

Fleet

Havila Shipping ASA operates today 14 vessels,
10 PSV
- Four owned externally
- One owned 50% and not consolidated
3 Subsea
- One owned externally
- One hired out on bareboat contract
1 RRV (bareboat)

Man-years

Havila Shipping ASA employed in Q1 2026 402 seamen on the company’s vessels and vessels on management, in addition to 12 man-years in the administration.

Contacts:

Chief Executive Officer Njål Sævik, +47 909 35 722

Chief Financial Officer Arne Johan Dale, +47 909 87 706

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act