Vow ASA: Record Q4 revenues and strategy revision concluded

25 Feb 2026 07:00 CET

Oslo, 25 February 2026 - In the fourth quarter, Vow ASA ("Vow" or the "Group")
delivered all time high revenues and improved operational performance. Following
the strategy revision, which was concluded in the period, the Group aims to
reinforce its position in the Maritime Solutions and Aftersales segments, while
a more selective approach will be adopted in the Industrial Solutions Segment.

"The fourth quarter concludes a transitional year for Vow, involving thorough
analysis and clear priorities to improve cost control, project execution and
working capital. Following a revisit of our strategy, the Group will pursue a
more selective approach in order to balance risk and opportunities in Industrial
Solutions, while reinforcing our strong position in the Maritime Solutions and
Aftersales segments," says CEO Gunnar Pedersen.

Growth in all segments

Revenues for the quarter came in at NOK 347.4 million, representing an increase
of NOK 81.7 million from the same period in 2024. High activity in the cruise
newbuild market and an increasing number of vessels in operations led to record
revenues in both the Maritime Solutions and Aftersales segments.

At the end of the year, total order backlog remains solid at close to NOK 1.7
billion. The order backlog provides good visibility and includes confirmed
contracts for work extending to 2034.

Key financials

Marked profitability improvements across the Maritime Solutions and Aftersales
segments were offset by a negative EBITDA result in Industrial Solutions, in
line with the revised assumptions and plans communicated in the Q3 2025
reporting. In sum, adjusted EBITDA was NOK 15.8 million, compared with NOK 16.6
million in Q4 2024.

As previously communicated, total non-cash impairments of NOK 119.3 million were
recognised in the quarter, of which the majority was related to the Industrial
Solutions segment, reflecting updated assumptions and a more cautious outlook.

The liquidity position strengthened considerably over the period, and at year-
end available liquidity was NOK 136.2 million. Cash available is expected to
fluctuate over the coming quarters related to timing of deliveries and payment
milestones, and cash management remains a key priority in 2026.

Vow maintains a close and constructive dialogue with its financing partner,
which has confirmed a covenant waiver for the reporting period ending 31
December 2025. Subsequent to the quarter the covenants for Q1 2026 were waived,
and a new covenant structure for Q2 2026 and the following reporting periods
were agreed.

Strategy revision

During the quarter, the revision of the Group's strategy was concluded,
resulting in the appointment of leadership with clearly defined P&L
responsibility, performance targets and reporting requirements for each
respective business segments.

In terms of strategic priorities, the Group will continue to reinforce its
position in the Maritime Solutions and Aftersales segments. The management
continues to see significant long-term potential in Industrial Solutions, but is
pursuing a more selective, risk-balanced approach in this business.

Attached is the report for the fourth quarter 2025 and the presentation
material.

CEO Gunnar Pedersen and CFO Cecilie Brænd Hekneby will present the results in a
live audio webcast today at 08:30 CET. The webcast will include a Q&A session,
and participants may submit questions in writing at any time during the event.

To register and follow the presentation online, please copy and paste the
following link into your browser, click 'Attend' and register your email:

https://qcnl.tv/p/WlIPLn2X3L3hwCkzv_bukg

For more information, please contact

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

Cecilie Brænd Hekneby, CFO, Vow ASA
Tel: +47 992 93 826
Email: 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

666645_Vow-Interim Report - Q4-2025_final.pdf
666645_250226 Vow Q4 2025 presentation_final.pdf