Vow ASA — Earnings Release 2025

May 28, 2025

Vow Q1: Key indicators improved, work remains to ensure long-term sustainable profitability

Vow Q1: Key indicators improved, work remains to ensure long-term sustainable profitability

Oslo, 28 May 2025 - Vow ASA (OSE: VOW) had revenues of NOK 260.8 million in the

first quarter of 2025, up 12.3 per cent from NOK 232.3 million in the same

quarter last year. EBITDA before non-recurring cost was NOK 13.2 million, up

from NOK 5.6 million in Q1 2024.

Both the Maritime Solutions and the Aftersales segments delivered double digit

EBITDA margins, while the Industrial Solutions segment continued to be impacted

by delayed order intake. Group EBITDA margin in the quarter improved from 2.4

per cent to 5.0 per cent year-over-year.

As Vow reports in Norwegian kroner (NOK), key financial figures have been

impacted by significant fluctuations in exchange rates during the quarter.

Result before tax ended at negative NOK 30.4 million, compared to negative NOK

17.0 million in Q1 2024, mainly related to the development of a net foreign

exchange loss of NOK 12.1 million.

Across the group, Vow is entering new contracts with more favourable terms

reflecting inflation and current price levels. Vow's total order backlog

currently stands at NOK 1,532 million, compared with NOK 1,066 million one year

earlier and NOK 1,680 million at the start of the year. Options in the Maritime

Solutions segment were valued at NOK 250 million at the end of the quarter.

With an increasing number of ships being built with environmentally compliant

operations, the demand for Vow's technology and lifecycle services from the

aftersales segment is growing. Demand for heat-intensive technologies is also on

the rise.

"Vow enjoys a favourable position in cruise and promising positions in other

industry verticals. Key performance indicators have improved, but significant

work remains to strengthen operational execution, manage risk effectively, and

ensure long-term, sustainable profitability. These are top priorities for the

team and me going forward," said CEO Gunnar Pedersen.

CEO Gunnar Pedersen and CFO Cecilie Brænd Hekneby both joined Vow in May 2025.

Together, they bring broad industry and professional experience and a mandate to

strengthen operations, improve project execution, and drive delivery of the

group's strategic priorities.

After the reporting period, Vow agreed with DNB to extend the maturity of its

loan facilities by 12 months, to Q3 2027. As part of the amendment, the covenant

structure was adjusted with improved headroom.

Detailed information about Vow's operational and financial performance for the

first quarter 2025 is available in the attached Trading update.

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

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).

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 07:00 CET,

28 05 2025.