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