Core Insights - Vow ASA identified a technical accounting error in its Q1 2025 report, leading to an overstatement of NOK 16 million in EBITDA, primarily affecting the Industrial segment [1] - The company anticipates a one-off EBITDA charge of NOK 30-35 million in H1/Q2 2025, which is an accounting adjustment with no cash effect [1] - The company is currently in breach of its financial covenants but is in discussions with DNB for a covenant waiver [3] Financial Summary - Total revenue for Q1 2025 was NOK 244.8 million, with contributions from Maritime (NOK 102.4 million), Aftersales (NOK 58.4 million), and Industrial (NOK 84.0 million) [2] - Gross profit for the period was NOK 60.6 million, with a gross margin of 24.8% [2] - EBITDA before non-recurring items was reported at -NOK 2.8 million, with a margin of -1.2% [2] Company Overview - Vow ASA and its subsidiaries focus on preventing pollution by converting biomass and waste into valuable resources and generating clean energy [5] - The company provides advanced technologies that enable industry decarbonization and material recovery, converting various waste types into clean energy and low carbon fuels [6] - Vow ASA is a leader in wastewater purification and valorisation of waste in the cruise market, supporting industries in transitioning towards a fossil-free future [8]

Core Viewpoint - Vow ASA has successfully completed the sale of its shares in Vow Green Metals AS, receiving net proceeds of NOK 35.1 million and fully repaying a convertible loan of NOK 22.5 million [1][2][3] Financial Summary - Vow ASA received NOK 35.1 million from Midas Industri AS for 50,173,890 shares at an offer price of NOK 0.70 per share [2] - The proceeds were utilized for an additional installment on a term loan with DnB [2] - The convertible loan of NOK 22.5 million, used to finance costs related to VGM's termination with Obligo, has been fully repaid [3] Company Operations - Vow ASA focuses on preventing pollution through advanced technologies that convert biomass and waste into valuable resources and clean energy [4][5] - The company is a leader in wastewater purification and valorisation of waste, enabling industries to transition towards a fossil-free future [6] - Vow ASA holds strong positions in food safety, robotics, and heat-intensive industries with a decarbonising agenda [6]

Group 1 - Vow ASA's CFO, Cecilie Brænd Hekneby, purchased 220,000 shares, increasing her and close associates' total ownership to 2,571,311 shares [1] - Vow ASA and its subsidiaries focus on preventing pollution by converting biomass and waste into valuable resources and clean energy [2] - The company provides scalable, standardized, patented solutions that enable industries to decarbonize and recover materials, positioning itself as a leader in wastewater purification and waste valorization [2] Group 2 - Vow ASA is listed on the Oslo Stock Exchange under the ticker VOW and is subject to EU Market Abuse Regulation and Norwegian Securities Trading Act disclosure requirements [2]

Company Overview - Vow ASA and its subsidiaries, including Scanship, C.H. Evensen, and Etia, focus on preventing pollution through innovative solutions that convert biomass and waste into valuable resources and clean energy [2] - The company is a leader in wastewater purification and waste valorisation in the cruise market, providing technologies that facilitate the transition to a fossil-free future [2] - Vow's advanced technologies enable decarbonisation and material recovery across various industries, converting materials such as biomass, sewage sludge, plastic waste, and end-of-life tyres into clean energy and low carbon fuels [2] Recent Developments - Ulf Tore Hekneby, a close associate of Vow ASA's CFO, Cecilie Brænd Hekneby, has acquired 81,311 shares, increasing the total shares owned by him and his close associates to 2,351,311 [1]

Core Insights - Vow ASA reported revenues of NOK 260.8 million in Q1 2025, a 12.3% increase from NOK 232.3 million in Q1 2024, with an EBITDA before non-recurring costs of NOK 13.2 million, up from NOK 5.6 million in the same period last year [1][2] Financial Performance - The group experienced a negative result before tax of NOK 30.4 million, compared to a negative NOK 17.0 million in Q1 2024, primarily due to a net foreign exchange loss of NOK 12.1 million [2] - The total order backlog increased to NOK 1,532 million from NOK 1,066 million a year earlier, although it decreased from NOK 1,680 million at the start of the year [3] Market Demand and Positioning - There is a growing demand for Vow's technology and lifecycle services, particularly in the aftersales segment, driven by an increase in environmentally compliant ship operations and heat-intensive technologies [4] - Vow holds a favorable position in the cruise market and is expanding in other industry verticals, with a focus on improving operational execution and ensuring long-term profitability [5] Leadership and Strategic Developments - New CEO Gunnar Pedersen and CFO Cecilie Brænd Hekneby joined Vow in May 2025, bringing extensive industry experience to enhance operations and project execution [6] - Vow has extended the maturity of its loan facilities by 12 months to Q3 2027, with adjustments made to the covenant structure to improve financial flexibility [6]

Group 1 - Vow ASA will release its Q1 2025 report on May 28, 2025, with a presentation for shareholders and analysts at 09:00 CET [1][2] - The presentation will be available via webcast, and registration is required for online attendance [2] - Vow ASA focuses on preventing pollution through advanced technologies that convert biomass and waste into clean energy and low carbon fuels [3] Group 2 - The company operates in various sectors, including wastewater purification, food safety, and robotics, with a strong emphasis on decarbonization [3] - Vow ASA is a market leader in the cruise industry for wastewater purification and has a proven capability to deliver scalable and patented solutions [3] - The company is listed on the Oslo Stock Exchange under the ticker VOW [3]

Company Overview - Vow ASA and its subsidiaries, including Scanship, C.H. Evensen, and Etia, focus on preventing pollution through innovative solutions that convert biomass and waste into valuable resources and clean energy [2] - The company is a leader in wastewater purification and valorisation of waste in the cruise market, with strong positions in food safety, robotics, and heat-intensive industries [2] - Vow ASA is listed on the Oslo Stock Exchange under the ticker VOW [2] Recent Developments - The annual general meeting of Vow ASA approved all proposed resolutions as per the notice dated 29 April 2025 [1][4]

Core Viewpoint - Vow ASA is involved in a voluntary cash offer by Vow Green Metals AS to acquire its shares, with Vow agreeing to accept the offer for its 24.74% stake in VGM [1][3]. Group 1: Transaction Details - Vow holds 50,173,890 shares in VGM, representing 24.74% of the total issued shares [3]. - Vow has committed to accept the offer for all its shares and will provide a convertible loan of NOK 22.5 million to VGM, maturing on August 1, 2025, with a conversion right at NOK 0.40 per share if the offer does not proceed [3]. - The reduced offer price for Vow's shares in the offer is NOK 0.70 [3]. Group 2: Financial Support and Advisory - Vow has agreed to provide a guarantee of NOK 10 million for VGM related to a new bridge financing facility with DNB Bank ASA [4]. - DNB Carnegie is acting as the financial advisor to Vow, while Wikborg Rein is serving as the legal advisor [4]. Group 3: Company Overview - Vow and its subsidiaries focus on preventing pollution by converting biomass and waste into valuable resources and clean energy [7]. - The company provides advanced technologies that enable industry decarbonization and material recovery, converting various waste types into clean energy and low carbon fuels [8]. - Vow is a leader in wastewater purification and has strong positions in food safety, robotics, and heat-intensive industries with a decarbonizing agenda [9].

Company Leadership - Gunnar Pedersen will assume the role of Chief Executive Officer of Vow ASA effective 19 May 2025, earlier than initially scheduled [1] - Mr. Pedersen has extensive leadership experience from the maritime and industrial sectors, previously serving as Executive Vice President, Automation & Control at Kongsberg Maritime [2] - The Chair of the Board, Thomas Fredrick Borgen, expressed confidence that Mr. Pedersen's experience will be instrumental in advancing the company's strategic priorities and creating long-term value for stakeholders [3] Company Overview - Vow ASA and its subsidiaries, including Scanship, C.H. Evensen, and Etia, focus on preventing pollution through innovative solutions that convert biomass and waste into valuable resources and clean energy [4] - The company provides advanced technologies that enable industry decarbonization and material recovery, converting various waste types into clean energy and low carbon fuels [5] - Vow ASA is a leader in the cruise market for wastewater purification and has strong positions in food safety, robotics, and heat-intensive industries with a decarbonizing agenda [6]

Vow ASA has today published its Annual and Sustainability Report for 2024, as approved by the Board of Directors. The report, including the ESEF file, is enclosed and is also available on the company’s website: www.vowasa.com under Investor Relations: https://www.vowasa.com/investor/results-reports. Subsequent to year-end, the Group recognised a non-cash impairment loss on its investment in Vow Green Metals AS. In connection with events occurring after the reporting period, management concluded that the quo ...