Norwegian maritime technology group HAV Group ASA reported a sharp contrast between its financial performance and order intake in the second quarter of 2026, as strong profitability masked a steep decline in new business.
The company, headquartered in Fosnavåg, posted Q2 revenue of NOK 267.3 million, a 38% increase from NOK 193.3 million in the same period last year. EBITDA surged to NOK 17.3 million, more than quadrupling from NOK 4.1 million in Q2 2025, while EBIT rose to NOK 11.6 million from a NOK 0.4 million loss a year earlier. Net profit for the quarter reached NOK 8.7 million, up from NOK 1.9 million.
Despite the financial strength, HAV Group’s order intake fell to NOK 35 million in Q2, down 84% from NOK 215 million in the prior-year period. The order backlog shrank to NOK 826 million at the end of June, a 22% decline from NOK 1.06 billion at the close of Q1 and a 36% drop from NOK 1.29 billion a year ago. The company’s half-year revenue rose 46% to NOK 500 million, with EBITDA expanding to NOK 29.1 million, a 546% increase from H1 2025.
CEO Gunnar Larsen described the quarter as "a strong second quarter and a significant improvement on the corresponding quarter last year," while acknowledging the challenges in securing new orders. The company’s Energy Design and Smart Control Systems segment, operated under Norwegian Electric Systems, delivered NOK 218 million in revenue, up 58% year-over-year, with an EBITDA margin of 15%. However, its order backlog declined to NOK 638 million from NOK 842 million at the end of March.
The Ship Design segment, HAV Design, reported Q2 revenue of NOK 30 million, down from NOK 43 million in Q2 2025, while maintaining an EBITDA loss of NOK 5 million. The Water Treatment Systems unit, Norwegian Greentech, saw revenue fall to NOK 22 million from NOK 26 million a year ago, with an EBITDA loss of NOK 2.7 million. The segment secured contracts for ten ballast water treatment systems and received a NOK 0.6 million R&D grant from Møre og Romsdal county.
HAV Group’s cash position strengthened, with NOK 237.2 million in cash and bank deposits at the end of Q2, up NOK 38 million from the start of the year. Operating cash flow totaled NOK 104.2 million for the quarter, while total assets remained flat at NOK 670.2 million compared to year-end 2025.
