Vow Q1: Key indicators improved, work remains to ensure long-term sustainable profitability

Oslo, 28 May 2025 – Vow ASA (OSE: VOW) had revenues of NOK 260.8 million in the first quarter of 2025, up 12.3 per cent from NOK 232.3 million in the same quarter last year. EBITDA before non-recurring cost was NOK 13.2 million, up from NOK 5.6 million in Q1 2024.

Both the Maritime Solutions and the Aftersales segments delivered double digit EBITDA margins, while the Industrial Solutions segment continued to be impacted by delayed order intake. Group EBITDA margin in the quarter improved from 2.4 per cent to 5.0 per cent year-over-year.

As Vow reports in Norwegian kroner (NOK), key financial figures have been impacted by significant fluctuations in exchange rates during the quarter. Result before tax ended at negative NOK 30.4 million, compared to negative NOK 17.0 million in Q1 2024, mainly related to the development of a net foreign exchange loss of NOK 12.1 million.

Across the group, Vow is entering new contracts with more favourable terms reflecting inflation and current price levels. Vow’s total order backlog currently stands at NOK 1,532 million, compared with NOK 1,066 million one year earlier and NOK 1,680 million at the start of the year. Options in the Maritime Solutions segment were valued at NOK 250 million at the end of the quarter.

With an increasing number of ships being built with environmentally compliant operations, the demand for Vow’s technology and lifecycle services from the aftersales segment is growing. Demand for heat-intensive technologies is also on the rise.

“Vow enjoys a favourable position in cruise and promising positions in other industry verticals. Key performance indicators have improved, but significant work remains to strengthen operational execution, manage risk effectively, and ensure long-term, sustainable profitability. These are top priorities for the team and me going forward,” said CEO Gunnar Pedersen.

CEO Gunnar Pedersen and CFO Cecilie Brænd Hekneby both joined Vow in May 2025. Together, they bring broad industry and professional experience and a mandate to strengthen operations, improve project execution, and drive delivery of the group’s strategic priorities. 

After the reporting period, Vow agreed with DNB to extend the maturity of its loan facilities by 12 months, to Q3 2027. As part of the amendment, the covenant structure was adjusted with improved headroom.

Detailed information about Vow’s operational and financial performance for the first quarter 2025 is available in the attached Trading update.

For more information, please contact:

Gunnar Pedersen, CEO, Vow ASA

Tel: +47 916 30 304

Email:

Cecilie Brænd Hekneby, CFO, Vow ASA

Tel: +47 992 93 826

Email:

About Vow

Vow and its subsidiaries Scanship, C.H. Evensen and Etia are passionate about preventing pollution. The company’s world leading solutions convert biomass and waste into valuable resources and generate clean energy for a wide range of industries.

Advanced technologies and solutions from Vow enable industry decarbonisation and material recovery. Biomass, sewage sludge, plastic waste and end-of-life tyres can be converted into clean energy, low carbon fuels and renewable carbon that replace natural gas, petroleum products and fossil carbon. The solutions are scalable, standardised, patented, and thoroughly documented, and the company’s capability to deliver is well proven.

The company is a cruise market leader in wastewater purification and valorisation of waste. It provides technology and solutions which enable industries to transition towards a fossil-free future by converting biomass and waste into valuable resources and clean energy. The company also has strong niche positions in food safety and robotics, and in heat-intensive industries with a strong decarbonising agenda.

Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange (ticker VOW).

The information is such that Vow ASA is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:00 CET, 28 05 2025.

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