Vow Q3-25: On a path to restore profitability

Core Insights - Vow ASA experienced high activity in Q3 2025, achieving all-time high revenue in the Maritime Solutions segment, despite an overall revenue decline compared to Q3 2024 [1][4] - A profit improvement program was initiated, focusing on enhancing operational efficiency and revisiting the strategy, particularly in the Industrial Solutions segment [1][4] Financial Performance - Total revenues for Q3 2025 were NOK 214.3 million, a decrease of NOK 53.1 million from NOK 267.4 million in Q3 2024 [1] - Adjusted EBITDA for the quarter was negative NOK 28.5 million, down from a profit of NOK 18.4 million in Q3 2024, significantly impacted by the Industrial Solutions segment [2] - The total order backlog increased to NOK 1.449 billion from NOK 1.103 billion a year earlier, indicating strong future revenue visibility [2] Strategic Initiatives - The company is reinforcing efforts in Maritime Solutions and Aftersales while adopting a more selective approach in the Industrial Solutions segment to align better with market demand and reduce risk exposure [5] - Several initiatives under the profit improvement program are already underway to strengthen financial performance [4] Liquidity and Debt Management - Significant inflows from trade receivables during the quarter were utilized to repay debt, with expectations of large milestone payments further improving liquidity in Q4 2025 [3]