Vow Q3-25: On a path to restore profitability

Oslo, 19 November 2025 – For Vow ASA (“Vow” or the “Group”), the third quarter 2025 was characterised by high activity across the Group with all-time high revenue in the Maritime Solutions segment. During the quarter, a profit improvement program was launched, and a process of revisiting the strategy has been started, with a particular emphasis on the Industrial Solutions segment.

In the third quarter, Vow had revenues of NOK 214.3 million, representing a decline of NOK 53.1 million from Q3 2024. While the Maritime Solutions and Aftersales segments continued their growth trajectory, the progress was offset by negative revenue in the Industrial Solutions segment, as explained in a stock market announcement on 20 October 2025.

EBITDA adjusted for non-recurring costs of NOK 2.8 million related to management changes was negative NOK 28.5 million, down from a profit of NOK 18.4 million in Q3 2024. It was heavily impacted by the performance in the Industrial Solutions segment.

At the end of the quarter, total order backlog was NOK 1.449 billion, up from NOK 1.103 billion one year earlier. The order backlog provides good visibility and includes signed contracts extending up to and including 2032.  

Significant inflows from trade receivables in the quarter was used to repay debt. Large upcoming milestone payments are expected to further improve liquidity in the fourth quarter.

"The third quarter was characterised by high activity, a revisit of our strategy, and continued efforts to strengthen our understanding of both the company and our markets. We see significant opportunities to strengthen financial performance, and a profit improvement program has been launched to reduce our cost base and drive operational efficiency. Several initiatives are already underway," says CEO Gunnar Pedersen.

"Going forward, we will reinforce our efforts in Maritime Solutions and Aftersales and take a more selective approach with regards to prospects and contract formats in the Industrial Solutions segment, with the aim to reduce risk exposure and better align with market demand," Pedersen adds.

Attached is the report for the third quarter and the presentation material.

CEO Gunnar Pedersen and CFO Cecilie Brænd Hekneby will present the results today at 09:00 CET. 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/20251119_1/

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.

Attachments

• 19112025 Vow Q3 2025 presentation_final
• 19112025 Vow - Q3 2025 report_final