Vow ASA — Audit Report / Information 2023

Mar 22, 2024

Vow ASA: ABOUT VOW'S ACCOUNTS FROM 2019

Vow ASA: ABOUT VOW'S ACCOUNTS FROM 2019

Vow has received questions suggesting that recent media coverage and an analyst

report have left the impression that Vow from 2019 has misreported cost. This is

not correct.

Apparently, the analysis and the media report have overlooked that the company

has capitalised relevant development costs during the period. Since 2019 Vow has

successfully introduced new internally generated technology and entered into new

markets. For selected contracts that have required new technology, some

operational expenditures related to R&D has been capitalized. High activity

level and growth has led to increased working capital.

As noted in the report for the second half of 2023, the company has over time

invested significantly in technology and developing new project opportunities in

close collaboration with current and future customers in both cruise and

landbased industries. The company is well positioned for future contracts and

has a solid order backlog of NOK 1 034 million.

Throughout 2023 and in connection with the preparation of the annual accounts,

Vow has also conducted a thorough review of the remaining order backlog,

expected revenues and results. Measures have already been taken to reduce the

cost level and improve working capital. The work of adapting the company's

activity level and streamlining the business continues.

For more information, please contact:

Henrik Badin, CEO, Vow ASA

Tel: +47 90 78 98 25

Email: henrik.badin@vowasa.com

Tina Tønnessen, CFO, Vow ASA

Tel: +47 406 39 556

Email: tina.tonnessen@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 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).

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.