Havila Shipping ASA: First quarter 2025 accounts

Summary

• Freight revenues were NOK 166.3 million in Q1 2025, an increase of NOK 49.6 million compared to the corresponding period last year and an increase of NOK 18.3 million compared to the previous quarter.
• The average rate of assignments and utilization is higher this quarter than the previous quarter. Operating expenses were NOK 91.0 million in Q1 2025, an increase compared to Q1 2024 of NOK 9.7 million and an increase compared to the previous quarter of NOK 3.3 million.
• The company had a profit before depreciation of NOK 81.6 million in Q1 2025, compared to NOK 44.8 million in Q1 2024.
• Previous impairment charges in the first quarter of this year have been reversed by NOK 32.0 million. In the first quarter of last year, there was no reversal of previous impairments charges.
• Value adjustment of the company's debt amounted to NOK - 37.9 million in the first quarter compared to NOK - 6.2 million in the corresponding period last year.
• Profit before tax was NOK 18.8 million in Q1 2025, compared to NOK 0.1 million in Q1 2024.

Three banks extended the restructuring agreement by one year until 31.12.2025. The three banks claim that the refinancing and certain other matters represent a breach of the agreement. The company disputes the claim and believes that there is no breach of contract. The company wants clarification of the matter and has therefore sent a summons to Oslo District Court on 24 March 2025, where the banks in question have been sued alleging that there is no default.

• As of 31.03.25, the company had 14 vessels operated from Fosnavåg, six of which were for external owners.
• Fleet utilization in Q1 2025 was 97.4%.

Result for 1 quarter 2025

• Total operating income amounted to NOK 172.6 million (NOK 126.1 million).
• Total operating expenses were NOK 91.0 million (NOK 81.3 million).
• Operating profit before depreciation was NOK 81.6 million (NOK 44.8 million).
• Depreciation was NOK 45.0 million (NOK 34.5 million).
• Reversal of impairment charges was NOK 32,0 million (NOK 0 million)
• Net financial items were NOK - 53.2 million (NOK - 6.1 million) whereof value adjustment of debt was NOK - 37.9 million (NOK - 6.2 million).
• The profit before tax was NOK 18.8 million (NOK 0.1 million).

Balance and liquidity per 31/03/25

• Total current assets amounted to NOK 295.7 million on 31/03/25, whereof bank deposits were NOK 170.9 million (whereof NOK 0.7 million restricted cash related to withholding tax).
• On 31/03/24, total current assets amounted to NOK 276.7 million, whereof bank deposits amounted to NOK 124.9 million (of this NOK 9.2 million restricted cash related to withholding tax).
• Net cash flow from operations was per 31/03/25 NOK 53.3 million (NOK 60.5 million).
• Cash flow from investing activities was NOK - 15.0 million NOK - 4.0 million).
• Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK - 14.0 million (NOK - 31.9 million).
• As of 31/03/25, the book value of the fleet is NOK 1,186.4 million.
• As of 31/03/25, total long-term debt in the balance sheet amounted to NOK 546.5 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 162 million. The fair value of the conversion right of non-interest-bearing debt is estimated at NOK 178 million.
• The remaining liquidity loan from Havila Holding amounts to NOK 54 million and the fair value of the conversion right is estimated at NOK 131 million. Together with accrued interest, this constitutes a short-term part of long-term debt in the balance sheet of NOK 525 million.
• As of 31/03/25, nominal value of interest-bearing debt was NOK 644.2 million, and nominal value of non-interest-bearing debt was NOK 610.7 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 Q1 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, [phone]
Chief Financial Officer Arne Johan Dale, [phone]

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