Vow ASA — Earnings Release 2025

Feb 25, 2026

Vow ASA: Record Q4 revenues and strategy revision concluded

Vow ASA: Record Q4 revenues and strategy revision concluded

Oslo, 25 February 2026 - In the fourth quarter, Vow ASA ("Vow" or the "Group")

delivered all time high revenues and improved operational performance. Following

the strategy revision, which was concluded in the period, the Group aims to

reinforce its position in the Maritime Solutions and Aftersales segments, while

a more selective approach will be adopted in the Industrial Solutions Segment.

"The fourth quarter concludes a transitional year for Vow, involving thorough

analysis and clear priorities to improve cost control, project execution and

working capital. Following a revisit of our strategy, the Group will pursue a

more selective approach in order to balance risk and opportunities in Industrial

Solutions, while reinforcing our strong position in the Maritime Solutions and

Aftersales segments," says CEO Gunnar Pedersen.

Growth in all segments

Revenues for the quarter came in at NOK 347.4 million, representing an increase

of NOK 81.7 million from the same period in 2024. High activity in the cruise

newbuild market and an increasing number of vessels in operations led to record

revenues in both the Maritime Solutions and Aftersales segments.

At the end of the year, total order backlog remains solid at close to NOK 1.7

billion. The order backlog provides good visibility and includes confirmed

contracts for work extending to 2034.

Key financials

Marked profitability improvements across the Maritime Solutions and Aftersales

segments were offset by a negative EBITDA result in Industrial Solutions, in

line with the revised assumptions and plans communicated in the Q3 2025

reporting. In sum, adjusted EBITDA was NOK 15.8 million, compared with NOK 16.6

million in Q4 2024.

As previously communicated, total non-cash impairments of NOK 119.3 million were

recognised in the quarter, of which the majority was related to the Industrial

Solutions segment, reflecting updated assumptions and a more cautious outlook.

The liquidity position strengthened considerably over the period, and at year-

end available liquidity was NOK 136.2 million. Cash available is expected to

fluctuate over the coming quarters related to timing of deliveries and payment

milestones, and cash management remains a key priority in 2026.

Vow maintains a close and constructive dialogue with its financing partner,

which has confirmed a covenant waiver for the reporting period ending 31

December 2025. Subsequent to the quarter the covenants for Q1 2026 were waived,

and a new covenant structure for Q2 2026 and the following reporting periods

were agreed.

Strategy revision

During the quarter, the revision of the Group's strategy was concluded,

resulting in the appointment of leadership with clearly defined P&L

responsibility, performance targets and reporting requirements for each

respective business segments.

In terms of strategic priorities, the Group will continue to reinforce its

position in the Maritime Solutions and Aftersales segments. The management

continues to see significant long-term potential in Industrial Solutions, but is

pursuing a more selective, risk-balanced approach in this business.

Attached is the report for the fourth quarter 2025 and the presentation

material.

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

live audio webcast today at 08:30 CET. The webcast will include a Q&A session,

and participants may submit questions in writing at any time during the event.

To register and follow the presentation online, please copy and paste the

following link into your browser, click 'Attend' and register your email:

https://qcnl.tv/p/WlIPLn2X3L3hwCkzv_bukg

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.