Vow ASA — Earnings Release 2024

Aug 29, 2024

Vow ASA: Results for the first half-year 2024

Vow ASA: Results for the first half-year 2024

Oslo, 29 August 2024: For the first half-year, Vow ASA (OSE: VOW) had revenues

of NOK 485.0 million, representing an increase of 8.1 per cent from NOK 448.7

million for the same period in 2023. All business segments contributed to the

growth.

EBITDA before non-recurring items was NOK 26.1 million, corresponding to a

margin of 5.4 per cent. The results for the first half-year of 2024 represent a

marked progress from the second half of 2023, when reassessments of project

accounts and balance sheet items resulted in operating losses.

Over the recent months, Vow has delivered on cost reduction programs with

estimated annual cost savings in the range of NOK 40-50 million for FY 2024

compared with FY 2023.

"Over the past period, Vow has been through a significant turnaround showcasing

enhanced operational efficiency. With a solid order backlog, increasing

revenues, and improving margins across all business segments, Vow demonstrates a

promising financial outlook," said Henrik Badin, CEO of Vow ASA.

At the end of the first half-year, the order backlog was NOK 1 061 million and

another NOK 316 million in options.

"Vow's activities are driven by three robust and expanding businesses. Moreover,

the group has two large projects underway demonstrating the relevance of Vow

solutions for landbased industry, and a rich pipeline within circular solution

opportunities," Badin added.

Subsequent events

Vow has obtained amended bank facilities with improved covenant headroom. The

agreement is subject to agreement on final documents and strengthening of the

group's balance sheet with an equity improvement of NOK 125 million.

Vow has undertaken preliminary soundings in the market and continues to explore

the possibility of carrying out a share issue to satisfy the required

strengthening of the Company's balance sheet. The Company is also considering

other ways to strengthen its equity position.

CEO Henrik Badin and CFO Tina Tønnessen will present the results on Thursday 29

August at 09:00 CET. The presentation will be held at Hotel Continental

(Teatersal 2) at Stortingsgata 24 in Oslo. Participants are welcome to join in

person or via livestream. The streaming link will also be available for replay

after the event. The session will be held in English.

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

browser, click 'Attend' and register your e-mail:

https://channel.royalcast.com/landingpage/vowasa/20240829_2/

Please find enclosed the report for the first half-year.

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 ASA

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 information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act