Vow ASA — Earnings Release 2021

Aug 26, 2021

Vow ASA : First Half 2021 : Cruise industry rebounds

Vow ASA : First Half 2021 : Cruise industry rebounds

For the first half of 2021, Vow ASA ("Vow" or the "Company") reported NOK 201

million in revenues and a steady 10 per cent EBITDA margin before non-recurring

items. The order backlog has climbed to a new record at the time of reporting,

NOK 1.1 billion in firm orders and another NOK 780 million in options.

"The resilience of our Cruise Project business during the pandemic is one

striking feature of this report. So far this year, our order intake from cruise

customers amounts to NOK 200 million plus NOK 135 million in options. And now,

as the cruise industry has begun taking ships back in operation, we expect that

the market for our Aftersales segment will gradually recover," said Henrik

Badin, CEO of Vow.

Total Vow revenues in the first six months this year were NOK 201 million, down

NOK 47 million or 18 percent compared to the same period in 2020. Aftersales

revenues this year was NOK 18 million. A typical pre-pandemic level for this

segment was NOK 60-65 million.

Revenues in the Cruise Project business was NOK 149 million, compared with NOK

160 million in the same six months of 2020. EBITDA increased from NOK 35 million

in 2020 to NOK 38 million this year, representing a strong 25.7 percent EBITDA

margin.

"Activity in the Cruise Project business has remained steady during the Covid-

19 lockdown. The variance in the period reflects the phasing of the various

projects currently in production," commented Badin.

Vow's landbased business has passed several important milestones so far this

year. The demerger and launch of Vow Green Metals as a separate entity, listed

on the Euronext Growth market in Oslo and with Vow as a leading shareholder, was

one such important step in Vow's commitment to help industries decarbonise.

As Vow Green Metals proceeds with its plans to build a first full-scale

biocarbon production plant at Follum in Norway for completion in 2022, this

company will be an important customer and partner for Vow.

"At the same time, we continue experiencing strong demand across a wide range of

landbased industry verticals and applications, as current and prospective

customers rush to decarbonise their value chain to meet new regulation, economic

realities and consumer expectations," said Badin.

"With our ability to provide technology and solutions that help industries

decarbonise, and thereby mitigate climate change, we are also experiencing

increased interest from the capital market and governments to support our

business," he said.

In the first half this year, Vow raised NOK 230 million in gross proceeds to the

company in a private placement. It secured NOK 320 million in long-term 'green

credit' at attractive terms, and it was awarded a NOK 80.7 million state grant

from Enova to support industrial production of biocoal for metallurgical

industry at the Follum plant.

Today, at 09:00 Central European Summer Time (CEST) the company's CEO Henrik

Badin will host an online presentation and answer questions from the audience in

a following Q&A session. He will be joined by the newly appointed CEO of Vow

Green Metals, Cecilie Jonassen. The session will be held in English. A replay of

the presentation and Q&A will be made available on http://www.vowasa.com shortly

after.

To register and join, please paste the following link into your browser and fill

in the required information: https://www.vhgo.no/vow/firsthalf-2021

Attachments (see link at end of document)

First Half Year 2021 Report

First Half Year 2021 Presentation

For more information, please contact

Henrik Badin, CEO, Vow ASA

Tel: + 47 90 78 98 25

Email: henrik.badin@vowasa.com

Erik Magelssen, CFO, Vow ASA

Tel: +47 928 88 728

Email: erik.magelssen@vowasa.com

About Vow

Vow and its subsidiaries Scanship 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.

Cruise ships on every ocean have Vow technology inside which processes waste and

purifies wastewater. Fish farmers are adopting similar solutions, and public

utilities and industries use our solutions for sludge processing, waste

management and biogas production on land.

With advanced technologies and solutions, Vow turns waste into biogenetic fuels

to help decarbonise industry and convert plastic waste into fuel, clean energy,

and high-value pyro carbon. The solutions are scalable, standardised, patented,

and thoroughly documented, and the company's capability to deliver is well

proven. They are key to end waste and stop pollution.

Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange

(ticker VOW).

The information is such that Vow ASA is required to disclose in accordance with

the EU Market Abuse Regulation. The information was submitted for publication,

through the agency of the contact person set out above, at 08:00 CET, 26 August

2021.