Vow Q1-26: Turnaround in progress and improved profitability
Oslo, 20 May 2026 – In the first quarter, Vow ASA (“Vow” or the “Group”) delivered solid growth in revenues and profitability, driven by strong momentum in the cruise related business coupled with improved operational performance. During the quarter, Vow started implementing a more streamlined operating model enabling clear accountability and improved control.
“Maritime Solutions and Aftersales have shown consistent progress and were the primary contributors to revenue growth and enhanced profitability in the quarter. The Group’s performance was supported by our strong market position in the cruise sector and an expanding installed base generating recurring, higher-margin service revenues," says CEO Gunnar Pedersen.
Revenues for the quarter came in at NOK 284 million, representing an increase of NOK 39 million from the same period of 2025, despite negative currency effects. Adjusted EBITDA was NOK 23 million, up from negative NOK 3 million in Q1 2025.
•Maritime Solutions represented the main growth lever in the quarter, with high project delivery activity and a clear margin uplift, as the share of legacy contracts has been reduced. •Aftersales recorded record-high revenue levels supported by a growing installed base, along with continued strong profitability. •Industrial Solutions developed in line with the revised assumptions for the two major circular solutions projects, which are now progressing into the final phases.
During the quarter, Vow secured a new order from a major European shipyard to a total value of EUR 27 million for the delivery of equipment for four new cruise vessels. The order backlog remained solid at close to NOK 1.8 billion at quarter-end, representing an increase from NOK 1.5 billion one year earlier. The order backlog provides good visibility and includes signed contracts extending to 2034.
Available liquidity of NOK 67 million reflects timing of milestone payments. The cash position is expected to fluctuate over the coming quarters related to timing of deliveries and subsequent payment milestones. Supported by new routines for effective working capital management and cash collection processes, the Group maintains a controlled liquidity position, and cash management remains a key priority in 2026.
Vow maintains a close and constructive dialogue with its financing partner, which confirmed a covenant waiver for the reporting period ending 31 March 2026 prior to quarter end. Further, a new covenant structure was agreed from Q2 2026, involving a reclassification of debt to non-current liabilities.
While increased geopolitical tension represents a source of uncertainty, Vow has a robust foundation supported by a strong market position in the cruise sector, a solid order backlog and an increasing number of vessels in operation equipped with Vow systems. In Industrial Solutions, finalizing the two large industrial projects will be an important milestone going forward, while sales activity remains centered on the traditional business areas, consistent with the Group’s more selective approach and improved operational foundation.
Attached is the report for the first quarter and the presentation material.
CEO Gunnar Pedersen and CFO Cecilie Brænd Hekneby will present the results in a live audio webcast today at 09:00 CEST. 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: https://qcnl.tv/p/ORvuLnnRMdgh3e-jxoOKfg
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 and its subsidiaries Scanship, C.H. Evensen and Etia are passionate about preventing pollution. The company's world leading solutions convert biomass and waste into valuable resources and generate clean energy for a wide range of industries. Advanced technologies and solutions from Vow enable industry decarbonisation and material recycling. Biomass, sewage sludge, plastic waste and end-of-life tyres can be converted into clean energy, low carbon fuels and renewable carbon that replace natural gas, petroleum products and fossil carbon. The solutions are scalable, standardised, patented, and thoroughly documented, and the company's capability to deliver is well proven. The company is a cruise market leader in wastewater purification and valorisation of waste. It also has strong niche positions in food safety and robotics, and in heat- intensive industries with a strong decarbonising agenda. 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.