Vow Q2 2025: Improved underlying performance in Maritime Solutions and Aftersales overshadowed by catch-up effects

Core Insights - Vow ASA has initiated a profit improvement program aimed at enhancing cost control, profitability, and operational efficiency, alongside a strategic review [1][4] Financial Performance - In Q2 2025, Vow reported revenues of NOK 227.6 million, a decrease of NOK 25.0 million compared to Q2 2024, with a 9% increase in the Maritime Solutions segment and an 8% increase in Aftersales, while the Industrial Solutions segment saw a 5% decline [2] - Adjusted EBITDA for Q2 2025 was negative NOK 33.0 million, down from negative NOK 20.5 million in Q2 2024, significantly affected by NOK 35 million in negative catch-up effects [3] - The total order backlog at the end of Q2 2025 reached NOK 1.4 billion, an increase from NOK 1.1 billion a year earlier, providing good visibility with contracts extending through to 2033 [3] Strategic Initiatives - The company plans to revisit its overall strategy in the second half of the year, reviewing market developments and adjusting investment priorities, while maintaining healthy cruise-related operations and focusing on profitability enhancements [4] - Vow received NOK 35.1 million from the sale of shares in Vow Green Metals, which was used to repay part of a term loan, and obtained a formal waiver for covenant breaches for the reporting period ending June 30, 2025 [5] Company Overview - Vow ASA and its subsidiaries focus on preventing pollution through advanced technologies that convert biomass and waste into valuable resources and clean energy, supporting industry decarbonization and material recycling [7][8]