Vow ASA — Earnings Release 2020

Feb 25, 2021

Vow ASA : Second half and full year 2020 : Fifth consecutive year of growth, record high performance within Cruise projects

Vow ASA : Second half and full year 2020 : Fifth consecutive year of growth, record high performance within Cruise projects

Vow ASA reported revenues for 2020 at NOK 460 million, up 21% compared to 2019,

and NOK 47 million in EBITDA (before non-recurring items), corresponding to a

10% margin. The year was marked by continued strong performance in Cruise

Projects, which reported EBITDA of NOK 71 million. Group profit before tax was

NOK 28 million, an improvement of NOK 35 million compared with 2019.

"While newbuilds and retrofit projects in cruise make most of our order backlog,

we are increasingly focused on our Landbased business which was awarded several

landmark contracts for valorisation of waste, biomass, and industry

decarbonising," says Henrik Badin, CEO of Vow ASA.

"In 2020, Landbased celebrated several transformative achievements, including

agreements with leading industry players Repsol and ArcelorMittal. We are

currently replicating our successful and proven delivery model in cruise for

projects on land. Aftersales in cruise, meanwhile, continued to be negatively

impacted by Covid-19 as cruise ships are still docked," Badin adds.

Vow secured new contracts to a total value of NOK 369 million in 2020, and the

order backlog was NOK 952 million at the end of December 2020, up from NOK 890

million the year before. Since then, orders worth an additional NOK 60 million

have been confirmed and reported.

For the second half of 2020, Vow reported revenues of NOK 212 million mainly

driven by continued high activity in cruise projects. EBITDA before non-

recurring items came in at NOK 22 million, representing a margin of 10%.

In December 2020, Vow launched Vow Industries as an incubator for business

development, and today, Vow is introducing Vow Green Metals, a new separate

entity, which will be spun off to existing shareholders and listed, likely

before summer 2021. Vow Green Metals will build, own and operate plants and

deliver high value biocarbon and CO2 neutral gas for metal industries.

"Demand for biocarbon is expected to increase significantly in the next few

years, driven partly by increasing CO2 taxation and corporate net zero

strategies. With the launch of Vow Metals, we are providing large, international

industrial groups with the technology to achieve their goals of CO2 neutrality",

Badin says.

Today at 08.00 CET, CEO Henrik Badin will present the report and comment on

status in a video conference online. The session will be held in English and the

audience is welcome to ask questions. A replay of the webinar will be made

available on www.vowasa.com (http://www.vowasa.com) shortly after.

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

browser and follow instruction on the screen:

https://www.vhgo.no/vow/secondhalf-2020

For further queries, please contact:

Henrik Badin - CEO Vow ASA

Tel: + 47 90 78 98 25

Email: henrik.badin@vowasa.com

Attachments (link at end of announcement)

Report for the second half 2020

Presentation for the second half 2020

About Vow ASA

In Vow and our subsidiaries Scanship and Etia we are passionate about preventing

pollution. Our advanced technology and world leading solutions purify wastewater

and convert biomass and waste into valuable resources and generate clean energy

for a wide range of industries, which as part of their own transition are

looking for low carbon fuels, carbon neutral energy, decarbonised gas, and

biocarbon.

We have delivered technology to a wide range of industries for many years. Our

solutions are scalable, standardized, patented, and thoroughly documented, and

our capabilities are well proven in concrete projects and deliveries.

In 2020, Vow established Vow Industries. This subsidiary will build, own, and

operate plants that deliver industry decarbonisation as a service, thereby

accelerating the green transition within waste and biomass valorisation and

energy production.

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

(ticker VOW).

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.