Summary

Freight revenues amounted to NOK 135.5 million in Q4 2025, a decrease of NOK 12.5 million compared to the corresponding period last year and a decrease of NOK 13.8 million compared to the previous quarter. The average rate of assignments and utilization in this quarter is lower than the previous quarter.  One vessel has operated in the spot market in Q4 with 49% utilization.

Operating expenses were NOK 91.1 million in Q4 2025, an increase compared to Q4 2024 of NOK 3.4 million and an increase compared to the previous quarter of NOK 6.9 million. The increase mainly applies to lawyers’ fees related to the case in the District Court and appeals to the Court of Appeal.

• The company had a profit before depreciation and amortisation of NOK 52.7 million in Q4 2025, compared to NOK 68.2 million in Q4 2024. 
• Value adjustment of the company’s debt amounted to NOK -1.2 million in the Q4 2025 compared to NOK -19.5 million in the corresponding period in 2024.
• Profit before tax was NOK -26.2 million in Q4 2025, compared to NOK 6.5 million in Q4 2024.
• As of 31/12/25, the company had 14 vessels operated from Fosnavåg, six of which were for external owners.
• Fleet utilization in Q4 2025 was 91.0%.

Result for 4 quarter 2025

• Total operating income amounted to NOK 143.8 million (NOK 155.9 million).
• Total operating expenses were NOK 91.1 million (NOK 87.7 million). 
• Operating profit before depreciation was NOK 52.7 million (NOK 68.2 million).
• Depreciation was NOK 51.7 million (NOK 39.0 million).
• Net financial items were NOK - 27.6 million (NOK - 23.4 million) whereof value adjustment of debt was NOK -1.2 million (NOK - 19.5 million).
• The profit before tax was NOK - 26.2 million (NOK 2.6 million).

Result 2025

• Total operating income amounted to NOK 648.0 million (NOK 585.1).
• Total operating expenses were NOK 349.9 million (NOK 324.8 million).
• The operating profit before depreciation was NOK 298.0 million (NOK 260.3 million).
• Depreciation was NOK 196.8 million (NOK 146.3 million).
• Reversal of impairment charges was NOK 32.0 million (NOK 154.0 million)
• Net financial items were NOK - 129.8 million (NOK -255.7 million), whereof value adjustment of debt was NOK - 63.7 million (NOK - 249.5 million).
• The profit before tax was NOK 10.3 million (NOK 10.4 million).

Balance and liquidity per 31/12/25

Total current assets amounted to NOK 318.5 million on 31/12/25, whereof bank deposits were NOK 218.0 million (whereof NOK 10.0 million restricted cash related to withholding tax). On 31/12/24, total current assets amounted to NOK 278.8 million, whereof bank deposits amounted to NOK 147.6 million (of this NOK 9.8 million restricted cash related to withholding tax).

Net cash flow from operations was per 31/12/25 NOK 248.8 million (NOK 229.6 million). Cash flow from investing activities was NOK - 93.1 million (NOK - 32.8 million). Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK - 85.9 million (NOK - 150.6 million).

As of 31/12/25, the book value of the fleet is NOK 1,125.4 million.

As of 31/12/25, total long-term debt in the balance sheet amounted to NOK 40.0 million.  The loans provided by the sister company Havila Finans AS of NOK 499.6 million are classified as short-term debt per 31/12/25.

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 31/12/25, 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 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 Q4 2025 402 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

• HAVIQ425