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]

Core Insights - The company has raised its guidance for pre-tax profit by DKK 100 million, supported by strong insurance service results and improvements in the underlying business during Q2 2025 [1][5]. Financial Performance - In Q2 2025, the insurance service result reached a profit of DKK 520 million, up from DKK 312 million, marking the highest result to date [5]. - Insurance revenue grew by 8% to DKK 2,950 million, driven by a strong premium growth of 11% in Personal Lines [5]. - The combined ratio improved to 82.3 from 88.5, attributed to fewer major claims and a better underlying claims experience [5]. - The expense ratio significantly improved to 16.7 from 18.0, reflecting the company's efforts to lower costs [5]. - The investment result was highly satisfactory at DKK 102 million, compared to DKK 65 million in the previous year, with shares and bonds contributing positively [5]. Customer Engagement and Strategy - The company onboarded many new customers in Q2, contributing to strong growth in insurance revenue [2]. - The company continues to assist customers with protection against severe weather conditions, launching new offers to help those affected by weather-related claims [3]. Future Outlook - Guidance for the insurance service result has been lifted to DKK 1.6-1.8 billion, excluding H2 run-offs, and the investment result guidance has been raised to DKK 250 million [5].