Q4 2025 Hav Group ASA Earnings Call Transcript
Key Points
- HAV Group ASA (STU:6HH) reported its best quarter in Q4 2025, with the highest revenue, EBITDA, and margin of the year.
- The company achieved a solid order backlog of NOK1.143 billion at year-end, providing good visibility for 2026.
- The Energy Design and Smart Control Systems segments continue to deliver strong results, contributing significantly to the company's performance.
- Norwegian Electric Systems saw a 66% increase in revenue and an 80% increase in EBITDA in Q1, indicating strong operational performance.
- The company has eliminated all long-term debt, reducing it by NOK10 million in 2025, which strengthens its financial position.
- Two of HAV Group ASA's business segments are underperforming, indicating potential areas for improvement.
- The Water Treatment Systems segment reported a negative EBITDA of minus NOK0.1 million in Q4, highlighting profitability challenges.
- Ship design still shows negative EBITDA due to low utilization, requiring market improvements for profitability.
- Operating cash flow was negative, and accounts receivable increased, indicating challenges in cash conversion.
- Order intake in Q4 was only NOK146 million, with a book-to-bill ratio of 0.54, suggesting variability in project-driven business.
Good morning, everybody, and welcome to HAV Group's presentation of fourth quarter and interim full-year financial results. Presenting together with me today is Pal Aurvag, our CFO. Today, we have the usual agenda. First, I'll give you some highlights of the quarter, then a presentation of HAV Group. I will give you more details about each of the business segments.
Pal will take you into the details of the financials. And afterwards, we will also have a summary and an outlook on our perspectives for the future for HAV Group. As usual, we also have a Q&A session at the end of our presentation, and you can still send in questions using the link that was in the stock exchange announcement that we have sent out.
The Q4 2025 was the best quarter, as we have guided in previously, was the best quarter in 2025. We had the highest revenue, EBITDA and margin of the year. The revenue was NOK268.1 million and EBITDA, NOK16.3 million. The Energy Design and Smart Control Systems continued to deliver strong results, and we have ongoing
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