Havila Shipping ASA: Second quarter 2026 account

Summary

Freight revenues amounted to NOK 139.9 million in Q2 2026, a decrease of NOK 25.6 million compared to the corresponding period last year and a decrease of NOK 24.4 million compared to the previous quarter. The average rate of assignments and utilization in this quarter is slightly better than the previous quarter.

Operating expenses were NOK 86.4 million in Q2 2026, an increase compared to Q2 2025 of NOK 2.7 million and a decrease compared to previous quarter of NOK 3.4 million.

The company had a profit before depreciation and amortisation of NOK 59.4 million in Q2 2026, compared to NOK 91.3 million in Q2 2025. 

Value adjustment of the company’s debt was approximately zero in Q2 2026, compared to NOK - 22.3 million in Q2 2025.

Profit before tax was NOK - 12.3 million in Q2 2026, compared to NOK 8.7 million in Q2 2025.

As of 30/06/26, the company had 12 vessels operated from Fosnavåg, four of which were for external owners.

Fleet utilization in Q2 2026 was 99.3%.

Result for 2 quarter 2026

• Total operating income amounted to NOK 145.8 million (NOK 175.0 million).
• Total operating expenses were NOK 86.4 million (NOK 83.7 million). 
• Operating profit before depreciation was NOK 59.4 million (NOK 91.3 million).
• Depreciation was NOK 59.1 million (NOK 50.1 million).
• Net financial items were NOK - 13.4 million (NOK - 35.1 million) whereof value adjustment of debt was NOK -0.0 million (NOK - 22.3 million).
• The profit before tax was NOK - 12.3 million (NOK 8.7 million).

Result for 1st half of 2026

• Total operating income amounted to NOK 266.3 million (NOK 347.5).
• Total operating expenses were NOK 176.3 million (NOK 174.7 million).
• The operating profit before depreciation was NOK 90.0 million (NOK 172.8 million).
• Depreciation was NOK 119.4 million (NOK 95.0 million).
• Reversal of impairment charges was NOK 0.0 million (NOK 32.0 million)
• Net financial items were NOK - 31.8 million (NOK - 88.3 million), whereof value adjustment of debt was NOK - 0.0 million (NOK - 60.2 million).
• The profit before tax was NOK - 59.7 million (NOK 27.5 million).
• Balance and liquidity per 30/06/26

Total current assets amounted to NOK 341.1 million on 30/06/26, whereof bank deposits were NOK 185.2 million. On 30/06/25, total current assets amounted to NOK 316.1 million, whereof bank deposits amounted to NOK 155.1 million (of this NOK 3.4 million restricted cash related to withholding tax).

Net cash flow from operations was per 30/06/26 NOK 6.7 million (NOK 108.6 million). Cash flow from investing activities was NOK - 23.9 million (NOK - 56.8 million). Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK - 14.4 million (NOK - 44.5 million).

As of 30/06/26, the book value of the fleet is NOK 1,043.6 million.

As of 30/06/26, total long-term debt in the balance sheet amounted to NOK 39.6 million.  The loans provided by the sister company Havila Finans AS of NOK 499.6 million are classified as short-term debt per 30/06/26.

The fair value of the remaining debt is estimated at NOK 123.9 million.  The fair value of the conversion right of non-interest-bearing debt is estimated at NOK 187.0 million.  The remaining liquidity loan from Havila Holding amounts to NOK 54.1 million and the fair value of the conversion right is estimated at NOK 140.0 million.  Together with accrued interest and the loans from Havila Finans AS, this constitutes a short-term part of long-term debt in the balance sheet of NOK 1 004.7 million.

As of 30/06/26, nominal value of interest-bearing debt was NOK 623.4 million, and nominal value of non-interest-bearing debt was NOK 589.7 million. All nominal interest-bearing debt is in NOK.

Fleet

Havila Shipping ASA operates today 12 vessels,

8 PSV

- Two owned externally
- One owned 50% and not consolidated
3 Subsea
- One owned externally
- One hired out on bareboat contract
1 RRV (bareboat)

Man-years

At the end of Q2 2026, Havila Shipping ASA had 348 seafarers employed on the company’s vessels and vessels under management, in addition to 12 man-years in the administration.

Contacts:

Chief Executive Officer Njål Sævik, +47 909 35 722
Chief Financial Officer Arne Johan Dale, +47 909 87 706

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act