Norwegian maritime technology company HAV Group ASA reported a 38% year-over-year increase in second-quarter revenue to NOK 267.3 million, driven by gains in its energy design and smart control systems segment. The company, based in Fosnavåg with 163 employees, posted EBITDA of NOK 17.3 million, more than quadrupling from NOK 4.1 million in the same period last year, while net profit rose to NOK 8.7 million from NOK 1.9 million.
Order intake, however, slumped to NOK 35 million in Q2 2026, down from NOK 215 million a year earlier and NOK 148 million in the first quarter, reflecting broader softness in maritime demand. Total order backlog declined 36% year-over-year to NOK 826 million, with NOK 451 million earmarked for 2026 execution and NOK 375 million for 2027 and beyond.
The company’s energy design and smart control systems unit, operating under the Norwegian Electric Systems brand, delivered NOK 218 million in revenue for the quarter, up 58% year-over-year, with an EBITDA margin of 15%. In contrast, its ship design segment reported NOK 30 million in revenue, a decline from NOK 43 million in Q2 2025, while its water treatment systems unit posted NOK 22 million in revenue and continued to operate at a loss.
HAV Group’s cash position strengthened by NOK 38 million during the quarter to NOK 237.2 million, supported by strong operating cash flow of NOK 104.2 million. Total equity rose to NOK 101.4 million, while liabilities decreased to NOK 568.8 million. The company, which has a market capitalization of NOK 482 million, is undergoing a strategic review launched in April 2026 to explore options for enhancing shareholder value, including potential mergers, acquisitions, or divestments.
