Norwegian maritime technology provider HAV Group ASA reported a 38% year-over-year increase in second-quarter revenue, driven by its energy design and smart control systems segment. However, the company’s order intake declined sharply, masking the financial improvement.
HAV Group posted operating revenue of NOK 267.3 million in Q2 2026, up from NOK 193.3 million in the same period last year. Operating income rose to NOK 11.6 million from a negative NOK 0.4 million in Q2 2025, while EBITDA more than quadrupled to NOK 17.3 million. Net profit reached NOK 8.7 million, compared with NOK 1.9 million a year earlier.
The company’s half-year figures showed similar momentum, with revenue increasing 46% to NOK 500 million and EBITDA expanding to NOK 29.1 million, a 546% jump from the prior year. EBITDA margin improved to 5.8% from 1.3% in the first half of 2025.
Despite the financial strength, HAV Group’s order intake fell to NOK 35 million in Q2 2026, the lowest quarterly figure in the past year and a sharp decline from NOK 215 million in Q2 2025. The company’s order backlog decreased to NOK 826 million at the end of June, down from NOK 1.06 billion at the end of March and NOK 1.29 billion a year ago. Of the remaining backlog, NOK 451 million is scheduled for execution in 2026, with NOK 375 million earmarked for 2027 and beyond.
Segment performance varied, with energy design and smart control systems leading growth. This division generated NOK 218 million in revenue, a 58% increase year-over-year, and reported an EBITDA margin of 15%. Its order backlog stood at NOK 638 million, down from NOK 842 million in Q1 2026. Ship design revenue declined to NOK 30 million, while water treatment systems revenue fell to NOK 22 million.
HAV Group’s balance sheet showed a NOK 38 million increase in cash and bank deposits to NOK 237.2 million at the end of Q2 2026. Total equity rose to NOK 101.4 million, and operating cash flow totaled NOK 104.2 million for the quarter.
The company initiated a strategic review in late April 2026 to explore value-creation opportunities. HAV Group’s market capitalization stood at NOK 482 million as of August 26, 2026.
