Core Insights - Vow ASA achieved record revenues and improved operational performance in Q4 2025, with a strategic focus on Maritime Solutions and Aftersales segments while adopting a selective approach in Industrial Solutions [1][2] Financial Performance - Revenues for Q4 2025 reached NOK 347.4 million, an increase of NOK 81.7 million compared to Q4 2024, driven by high activity in the cruise newbuild market and an increase in operational vessels [3] - Adjusted EBITDA for the quarter was NOK 15.8 million, slightly down from NOK 16.6 million in Q4 2024, with profitability improvements in Maritime Solutions and Aftersales offset by negative results in Industrial Solutions [5] - Total order backlog at year-end was approximately NOK 1.7 billion, providing visibility with confirmed contracts extending to 2034 [4] Strategic Developments - A comprehensive strategy revision was completed, leading to the appointment of leadership with defined P&L responsibilities and performance targets for each business segment [9][10] - The Group aims to strengthen its position in Maritime Solutions and Aftersales while pursuing a more cautious and selective approach in Industrial Solutions to balance risk and opportunities [2][10] Liquidity and Financial Management - The liquidity position improved significantly, with available liquidity at NOK 136.2 million at year-end, although fluctuations are expected in the coming quarters due to delivery timings and payment milestones [7] - Vow maintains a constructive dialogue with its financing partner, securing covenant waivers for the reporting periods and establishing a new covenant structure for future periods [8]

Core Viewpoint - Vow ASA expects a non-cash accounting impairment of intangible assets in the range of NOK 100–120 million due to a reassessment of assumptions in the Industrial Solutions segment and a cautious outlook on market adoption timing [1][2]. Group 1: Financial Impact - The impairment will be reflected in the financial statements for the fourth quarter of 2025 [2]. - Vow ASA will publish its results for the fourth quarter and full year 2025 on 25 February 2026, at 07:00 CET [2]. Group 2: Market Outlook - Management sees significant long-term potential in the Industrial Solutions markets, but visibility on technology adoption pace remains limited [2]. Group 3: Company Overview - Vow ASA and its subsidiaries focus on preventing pollution by converting biomass and waste into valuable resources and clean energy [4]. - The company is a leader in wastewater purification and valorisation of waste, providing technology that enables industries to transition towards a fossil-free future [4]. - Vow ASA has strong niche positions in food safety, robotics, and heat-intensive industries with a strong decarbonising agenda [4].

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]

Group 1: Purchase Order and Financial Impact - Vow ASA and its subsidiary Scanship received a purchase order from a major European shipyard worth EUR 11.3 million, with deliveries starting mid-June 2026 and continuing throughout 2027 [1] - The order was initially mentioned as an option in a stock market announcement on 8 February 2024, and the customer retains an option to order similar equipment for one additional vessel at a later stage [1] Group 2: Commitment to Sustainability - The contract reinforces Vow ASA's commitment to reliable and sustainable solutions, as stated by the CEO Gunnar Pedersen [2] - Scanship technology will ensure that all wastewater on the ships is purified according to the highest standards at sea, specifically for the Baltic Sea and Alaskan State waters [3] Group 3: Waste Management and Environmental Compliance - The waste management system processes residue sludge, food waste, and other biogenic waste through several steps, including dewatering, homogenization, thermal hydrolysis, drying, and pyrolysis [3] - The end products from this system include climate-neutral energy and carbon for capture and storage (CCS), enhancing the onboard circular economy by recovering valuable commodities like glass and aluminum [4] Group 4: Industry Leadership and Technological Advancements - Vow ASA is a market leader in wastewater purification and valorisation of waste, providing technology that enables industries to transition towards a fossil-free future [9] - The company's advanced technologies allow for the conversion of biomass, sewage sludge, plastic waste, and end-of-life tyres into clean energy and low carbon fuels, supporting industry decarbonisation [7][9]

Company Overview - Vow ASA is a leader in the cruise market for wastewater purification and waste valorisation, providing technology and solutions that facilitate industries' transition to a fossil-free future by converting biomass and waste into valuable resources and clean energy [4] - The company operates through its subsidiaries Scanship, C.H. Evensen, and Etia, focusing on preventing pollution and generating clean energy for various industries [2] Technology and Solutions - Vow's advanced technologies enable industry decarbonisation and material recovery, converting biomass, sewage sludge, plastic waste, and end-of-life tyres into clean energy, low carbon fuels, and renewable carbon [3] - The solutions offered by the company are scalable, standardised, patented, and thoroughly documented, demonstrating a proven capability to deliver [3] Financial Update - On 15 July 2025, Vow ASA announced a restatement of EBITDA in the Q1 2025 report and an expected one-off EBITDA charge in the H1/Q2 2025 accounts, which led to a breach of financial covenants under its loan facilities with DNB [1] - Following discussions with DNB, the company has obtained a formal waiver for the reporting periods ending on 30 June 2025 [1]

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].