Vow ASA

Earnings Release • Oct 20, 2025

Vow ASA: Trading update

Vow ASA: Trading update

Oslo, 20 October 2025: (OSE ticker: VOW) Preliminary unaudited consolidated

accounts for Vow ASA (the "Group" or the "Company") for Q3 2025 indicate a

lower-than-expected EBITDA associated with two key projects in the Industrial

segment.  The positive development in the Maritime and Aftersales segments

continues, driven by strong demand, high activity, and increased margins. A

thorough review of the two major industry projects has revealed that total costs

to completion in 2026 have been underestimated. This impacts the project margins

and technical reporting of the progress of costs, and leads to reversal of

revenue in Q3 2025. The reversal of revenue has no cash impact.  The preliminary

EBITDA for Q3 2025 shows approximately NOK -70 million for the Industrial

Solutions segment, and a total EBITDA for the Group of approximately NOK -33

million. The projects are in the final stages showing positive progress, and the

work to complete the projects continues in close cooperation with the respective

customers.

As stated in an earlier announcement, the Company has obtained a waiver from DNB

for the reporting period ending on 30 September 2025 and has close and

constructive dialogue with the bank. The Group has launched a profit improvement

program to further strengthen cost control, improve profitability, and increase

operational efficiency. This work continues at full speed, and the announced

revisit of Vow's strategies has commenced.

The final Q3 2025 report with more details will be released on 19 November 2025

at 07:00 CET.

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

The information in this stock exchange announcement is considered to be

inside information pursuant to the EU Market Abuse Regulation and is published

in accordance with the disclosure requirements pursuant to section 5-12 of

the Norwegian Securities Trading Act. The stock exchange announcement was

published by Cecilie Brænd Hekneby, CFO of Vow ASA, on 20 October 2025 at 07:00

hours CEST on behalf of Vow ASA.

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).