Norwegian maritime technology company HAV Group ASA reported a 38% year-over-year increase in quarterly revenue to NOK 267.3 million for Q2 2026, alongside a significant decline in order intake and backlog levels.
The company's EBITDA surged to NOK 17.3 million, more than quadrupling from NOK 4.1 million in the same period last year, while the EBITDA margin expanded to 6.5% from 2.1%. Net profit rose to NOK 8.7 million, up from NOK 1.9 million in Q2 2025, and EBIT turned positive at NOK 11.6 million compared with a loss of NOK 0.4 million a year earlier. Cash and cash equivalents increased by NOK 38 million during the quarter to NOK 237.2 million, while total equity grew to NOK 101.4 million.
Order intake for the quarter fell sharply to NOK 35 million, down from NOK 215 million in Q2 2025 and NOK 148 million in Q1 2026. Total order backlog declined 36% year-over-year to NOK 826 million, with NOK 451 million scheduled for execution in 2026 and NOK 375 million beyond 2027.
Segment performance varied, with the Energy Design & Smart Control Systems unit reporting revenue of NOK 218 million, up 58% year-over-year, and an EBITDA margin of 15%. The Ship Design segment recorded revenue of NOK 30 million, down from NOK 43 million in Q2 2025, while the Water Treatment Systems segment posted revenue of NOK 22 million and secured contracts for 10 new ballast water treatment systems.
HAV Group, which operates across offshore wind, oil and gas, and maritime sectors, initiated a strategic review in April 2026 with SpareBank 1 Markets. The company, based in Fosnavåg with 163 employees, has a market capitalization of NOK 482 million.
