Vow Q2 2025: Improved underlying performance in Maritime Solutions and Aftersales overshadowed by catch-up effects

28 Aug 2025 07:00 CEST

Oslo, 28 August 2025 - For Vow ASA ("Vow" or the "Group"), the structured
assessment of the business announced in the Q1-presentation resulted in findings
published on 15 July. The effects of these findings mark the second quarter and
half-year report. The Group has launched a profit improvement programme to
strengthen cost control, improve profitability and increase operational
efficiency, and will also revisit its strategy.

In the second quarter, Vow had revenues of NOK 227.6 million, representing a
decline of NOK 25.0 million from Q2 2024. Revenue excluding negative catch-up
effects is on par with the prior-year period, positively impacted by 9 per cent
increase in the Maritime Solutions segment and Aftersales up 8 per cent. In the
Industrial Solutions segment revenue declined by 5 per cent.  Profitability in
the segment is impacted by increased cost in some larger projects.

EBITDA adjusted for non-recurring costs related to management changes was
negative NOK 33.0 million, down from NOK 20.5 million in Q2 2024, heavily
impacted by the negative catch-up effects of NOK 35 million.

At the end of the quarter, total order backlog reached NOK 1.4 billion, up from
NOK 1.1 billion one year earlier. The order backlog provides good visibility and
includes signed contracts extending through to 2033.??

"In the second half of the year, we will revisit our overall strategy, review
market developments and adjust investment priorities accordingly. Our cruise-
related operations remain healthy, and initiatives to enhance overall
profitability are underway. Across all business segments, we are committed to
driving operational improvements, strengthening competitiveness, and capturing
new opportunities," says CEO Gunnar Pedersen.

During the quarter, Vow received settlement for the sale of its shares in Vow
Green Metals, and the convertible loan was repaid in full. Net proceeds of NOK
35.1 million were used to repay an additional instalment on the term loan.?

After the reporting period, Vow obtained a formal waiver for the breach of the
covenants for the reporting period ending 30 June 2025.

Attached is the report for the second quarter and first half-year and the
presentation material.

CEO Gunnar Pedersen and CFO Cecilie Brænd Hekneby will present the results today
at 09:00 CEST. Participants are welcome to join the event at Haakon VII's gate
2, 0161 Oslo, or to follow the event via webcast.

Please use the following link to register for the webcast:

https://channel.royalcast.com/landingpage/hegnarmedia/20250828_3/

For more information, please contact

Gunnar Pedersen, CEO, Vow ASA
Tel: +47 916 30?304
Email: gunnar.pedersen@vowasa.com (mailto:gunnar.pedersen@vowasa.com)

Cecilie Brænd Hekneby, CFO, Vow ASA
Tel: +47 992 93?826
Email: cecilie.hekneby@vowasa.com (mailto:cecilie.hekneby@vowasa.com)

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 recycling. 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 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).

This is information is pursuant to the EU Market Abuse Regulation and subject to
the disclosure requirements pursuant to Section 5-12 the Norwegian Securities
Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

654039_20250828 Vow - H1 2025 report_final.pdf
654039_20250828 Vow Q2 2025 presentation_final.pdf