Vow ASA

Earnings Release • Nov 19, 2025

Vow Q3-25: On a path to restore profitability

Vow Q3-25: On a path to restore profitability

Oslo, 19 November 2025 - For Vow ASA ("Vow" or the "Group"), the third quarter

2025 was characterised by high activity across the Group with all-time high

revenue in the Maritime Solutions segment. During the quarter, a profit

improvement program was launched, and a process of revisiting the strategy has

been started, with a particular emphasis on the Industrial Solutions segment.

In the third quarter, Vow had revenues of NOK 214.3 million, representing a

decline of NOK 53.1 million from Q3 2024. While the Maritime Solutions and

Aftersales segments continued their growth trajectory, the progress was offset

by negative revenue in the Industrial Solutions segment, as explained in a stock

market announcement on 20 October 2025.

EBITDA adjusted for non-recurring costs of NOK 2.8 million related to management

changes was negative NOK 28.5 million, down from a profit of NOK 18.4 million in

Q3 2024. It was heavily impacted by the performance in the Industrial Solutions

segment.

At the end of the quarter, total order backlog was NOK 1.449 billion, up from

NOK 1.103 billion one year earlier. The order backlog provides good visibility

and includes signed contracts extending up to and including 2032.

Significant inflows from trade receivables in the quarter was used to repay

debt. Large upcoming milestone payments are expected to further improve

liquidity in the fourth quarter.

"The third quarter was characterised by high activity, a revisit of our

strategy, and continued efforts to strengthen our understanding of both the

company and our markets. We see significant opportunities to strengthen

financial performance, and a profit improvement program has been launched to

reduce our cost base and drive operational efficiency. Several initiatives are

already underway," says CEO Gunnar Pedersen.

"Going forward, we will reinforce our efforts in Maritime Solutions and

Aftersales and take a more selective approach with regards to prospects and

contract formats in the Industrial Solutions segment, with the aim to reduce

risk exposure and better align with market demand," Pedersen adds.

Attached is the report for the third quarter and the presentation material.

CEO Gunnar Pedersen and CFO Cecilie Brænd Hekneby will present the results today

at 09:00 CET. Participants are welcome to join the event at Haakon VII's gate

2, 0161 Oslo, or to follow the event via webcast.

Please use the following link to register for the webcast:

https://channel.royalcast.com/landingpage/hegnarmedia/20251119_1/

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 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 is information is pursuant to the EU Market Abuse Regulation and subject to

the disclosure requirements pursuant to Section 5-12 the Norwegian Securities

Trading Act.