Norwegian maritime technology group Hav Group ASA posted a 38% year-over-year increase in operating revenue to NOK 267.3 million for the second quarter of 2026, while EBITDA more than quadrupled to NOK 17.3 million. The company’s EBITDA margin expanded by over four percentage points to 6.5%, according to an earnings call transcript published on August 27, 2026.
Net profit for the quarter stood at a loss of NOK 8.7 million, compared with a NOK 5.8 million loss in the same period a year earlier, reflecting higher finance costs. Cash and cash equivalents rose by NOK 38 million during the quarter, bringing the year-to-date increase to NOK 100 million. The group’s total order backlog stood at NOK 826 million, including NOK 638 million attributed to its Energy Design & Smart Control Systems segment.
Revenue growth was led by Norwegian Electric Systems (NES), which reported a 58% year-over-year increase in operating revenue to NOK 176.5 million. NES’s EBITDA surged 154% to NOK 26.5 million, with an EBITDA margin of 15%. CEO Gunnar Larsen attributed the performance to the accelerating maritime electrification trend, noting the segment’s success in winning and executing new projects profitably.
Hav Design, the group’s ship-design unit, reported revenue of NOK 30 million, an increase from recent quarters but below the year-earlier period. EBITDA remained flat year-over-year. Norwegian Greentech, the water treatment systems business, faced revenue timing shifts due to deferred projects but secured 10 new building contracts during the quarter.
Order intake for the quarter totaled NOK 35 million, a figure Larsen described as below expectations. The company’s strategic review, initiated on April 30, 2026 and being advised by SpareBank 1 Markets, remains ongoing. Larsen stated that the process is progressing as planned, with a range of possibilities under assessment.
Looking ahead, management expects the fourth quarter to outperform the third, with greater visibility into 2027 expected following the release of third-quarter results in November. NES anticipates project decisions over the next two to four months, which could influence near-term order flows. Hav Group’s shares were quoted at $13.75, up 1.1% from the previous close, and remain 24.9% below the 52-week high of $18.30.
