Oslo, 19 August 2026 – In the second quarter, Vow ASA (“Vow” or the “Group”) delivered improved operational and financial results, supported by high project activity, strong execution and continued momentum in the cruise industry. The Industrial Solutions segment made important progress in advancing the two landmark industrial projects while further developing its conventional heat treatment systems business.
“I am pleased to see that our efforts to identify and implement improvement opportunities across the business have translated into improved operational performance and a return to profitability in the second quarter. The work is by no means completed as we continue to identify opportunities to strengthen our competitiveness as well as our financial performance," says CEO Gunnar Pedersen.
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Business continued to improve, order backlog remained solid
Revenues for the quarter came in at NOK 253 million, representing an increase of NOK 25 million from the same period of 2025. Adjusted EBITDA was NOK 32 million, up from negative NOK 33 million in Q2 2025, representing an adjusted EBITDA margin of 12.8 per cent, compared with a negative margin of 14.5 per cent in the prior-year period.
• Revenues in Maritime Solutions were NOK 131 million, up NOK 34 million from Q2 2025, supported by high project activity, strong execution and year-over-year effects, as revenues were impacted by catch-up effect of NOK 25 million in Q2 last year
• Revenues in the Aftersales segment of NOK 63 million, up NOK 4 million from Q2 2025, supported by the growing installed base of vessels in operation and increased activity within mid-life upgrades of existing systems
• Revenues in the Industrial Solutions segment were NOK 59 million, down NOK 13 million from Q2 2025, reflecting progress in the two major circular solutions projects, which are both in their final commissioning intensive phases, combined with stable revenue contribution from the heat treatment business
The order backlog remained solid at NOK 1.6 billion at quarter-end, representing an increase from NOK 1.4 billion one year earlier. The order backlog provides good visibility and includes signed contracts extending to 2034. Following quarter-end, the Group secured additional orders valued at EUR 13.6 million for equipment deliveries to newbuild cruise vessels.
Temporary liquidity constraint resolved
Payments from one major customer, originally expected in June, were received after quarter-end. This timing shift resulted in a temporary increase in NIBD at quarter-end, impacting certain covenant ratios on 30 June. The temporary liquidity constraint was resolved in July, and Vow has obtained a formal waiver for the reporting period ending 30 June 2026.
Positioned for further improvement
With a strong position in the cruise market, and an increasing share of contracts with improved terms and ongoing operational improvement initiatives, the Maritime Solutions segment has a solid foundation for continued activity and margin improvement. The Aftersales segment benefits from a steady expansion of the installed base and growing demand for lifecycle services, preventive maintenance and system upgrades. In Industrial Solutions, priority remains on completing and commissioning the Follum and Rhode Island projects to demonstrate commercial scale while pursuing selected commercial opportunities, along with developing the conventional heat treatment systems, which has seen its sales pipeline expand over the past few months. Supported by a robust order backlog, strong operational execution, and continued cost discipline, Vow is well positioned to continue strengthening its operational and financial performance, while remaining a preferred partner to the cruise industry.
Report and presentation
Attached are the half-year report and the presentation material. A live audio webcast will be held the today at 09:00 CET, hosted by Gunnar Pedersen, CEO, and Cecilie Brænd Hekneby, CFO. The webcast will include a Q&A session, and participants may submit questions in writing at any time during the event.
To register and follow the presentation online, please copy and paste the following link into your browser, click Attend and register your email: Vow ASA webcast Q2 2026
For further information, please contact:
Gunnar Pedersen, CEO, Vow ASA
Tel: +47 916 30 304
Email: gunnar.pedersen@vowasa.com
Cecilie Brænd Hekneby, CFO, Vow ASA
Tel: +47 992 93 826
Email: cecilie.hekneby@vowasa.com
About Vow ASA
Vow (the “Group” or the “Company”) and its subsidiaries Scanship, C. H. Evensen Industriovner and Etia are passionate about preventing pollution. The company delivers products and services to the maritime industry and develops and commercializes technologies within waste management and the conversion of waste into high-value products and energy. Vow operates through three business units: Maritime Solutions, Aftersales, and Industrial Solutions, and is a cruise market leader in wastewater purification and valorization of waste. Its advanced technologies and solutions enable industrial decarbonization and circular resource utilization. Waste streams such as biomass and end-of-life tires are converted into clean energy, biocarbon and low-carbon fuels that replace fossil-based alternatives in industrial processes. The solutions are modular, scalable, standardized, patented, and thoroughly documented, enabling efficient deployment across projects and markets. The company’s capability to deliver is well proven, supported by a structured development model from pilot to full-scale operations. Vow holds strong niche positions in food safety and heat-intensive industries with ambitious decarbonization agendas. Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange (ticker VOW).
This is information is pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
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