Havila Shipping ASA: Third quarter 2025 accounts

Summary

Freight revenues amounted to NOK 149.3 million in Q3 2025, an increase of NOK 8.5 million compared to the corresponding period last year and a decrease of NOK 16.2 million compared to the previous quarter. The average rate of assignments and utilization in this quarter is lower than the previous quarter. Two vessels have been out of service for parts of the quarter for planned maintenance.

Operating expenses were NOK 84.1 million in Q3 2025, an increase compared to Q3 2024 of NOK 2.9 million and approximately the same as in the previous quarter.

The company had a profit before depreciation of NOK 72.5 million in Q3 2025, compared to NOK 69.0 million in Q3 2024. 

Value adjustment of the company’s debt amounted to NOK 38.7 million in the third quarter this year compared to NOK – 30.5 million in the corresponding period last year.

Profit before tax was NOK 9.0 million in Q3 2025, compared to NOK 3.3 million in Q3 2024.

As of 30/09/25, the company had 14 vessels operated from Fosnavåg, six of which were for external owners.

Fleet utilization in Q3 2025 was 95.3%.

Result for 3 quarter 2025

• Total operating income amounted to NOK 156.7 million (NOK 150.2 million).
• Total operating expenses were NOK 84.1 million (NOK 81.2 million). 
• Operating profit before depreciation was NOK 72.5 million (NOK 69.0 million).
• Depreciation was NOK 50.0 million (NOK 36.9 million).
• Net financial items were NOK - 13.9 million (NOK - 30.5 million) whereof value adjustment of debt was NOK 38.7 million (NOK - 30.5 million).
• The profit before tax was NOK 9.0 million (NOK 3.3 million).

Result year to date 2025

• Total operating income amounted to NOK 504.2 million (NOK 429.2).
• Total operating expenses were NOK 258.9 million (NOK 237.1 million).
• The operating profit before depreciation was NOK 245.3 million (NOK 192.1 million).
• Depreciation was NOK 145.1 million (NOK 107.3 million).
• Reversal of impairment charges was NOK 32.0 million (NOK 154.0 million)
• Net financial items were NOK - 102.1 million (NOK - 232.3 million), whereof value adjustment of debt was NOK - 21.5 million (NOK - 230.0 million).
• The profit before tax was NOK 36.5 million (NOK 7.8 million).

Balance and liquidity per 30/09/25

Total current assets amounted to NOK 301.9 million on 30/09/25, whereof bank deposits were NOK 149.7 million (whereof NOK 5.7 million restricted cash related to withholding tax). On 30/09/24, total current assets amounted to NOK 292.7 million, whereof bank deposits amounted to NOK 164.1 million (of this NOK 0.5 million restricted cash related to withholding tax).

Net cash flow from operations was per 30/09/25 NOK 146.4 million (NOK 190.0 million). Cash flow from investing activities was NOK - 78.4 million (NOK - 16.2 million). Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK - 66.2 million (NOK - 110.8 million).

As of 30/09/25, the book value of the fleet is NOK 1,173.1 million.

As of 30/09/25, total long-term debt in the balance sheet amounted to NOK 544.2 million, which includes loans provided by the sister company Havila Finans AS of NOK 499.6 million.

The fair value of the remaining debt is estimated at NOK 134.9 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, this constitutes a short-term part of long-term debt in the balance sheet of NOK 516.2 million.

As of 30/09/25, nominal value of interest-bearing debt was NOK 630.4 million, and nominal value of non-interest-bearing debt was NOK 595.1 million. All nominal interest-bearing debt is in NOK.

Fleet

Havila Shipping ASA operates today 14 vessels,

10 PSV

- Four owned externally

- One owned 50% and not consolidated

3 Subsea

- One owned externally

- One hired out on bareboat contract

1 RRV (bareboat)

Man-years

Havila Shipping ASA employed in Q3 2025 407 seamen on the company’s vessels and vessels on 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

Attachment

• HAVIQ325