Vow Q1: Key indicators improved, work remains to ensure long-term sustainable profitability

Oslo, 28 May 2025 – Vow ASA (OSE: VOW) had revenues of NOK 260.8 million in thefirst quarter of 2025, up 12.3 per cent from NOK 232.3 million in the samequarter last year. EBITDA before non-recurring cost was NOK 13.2 million, upfrom NOK 5.6 million in Q1 2024.

Both the Maritime Solutions and the Aftersales segments delivered double digitEBITDA margins, while the Industrial Solutions segment continued to be impactedby delayed order intake. Group EBITDA margin in the quarter improved from 2.4per cent to 5.0 per cent year-over-year.

As Vow reports in Norwegian kroner (NOK), key financial figures have beenimpacted by significant fluctuations in exchange rates during the quarter.Result before tax ended at negative NOK 30.4 million, compared to negative NOK17.0 million in Q1 2024, mainly related to the development of a net foreignexchange loss of NOK 12.1 million.

Across the group, Vow is entering new contracts with more favourable termsreflecting inflation and current price levels. Vow’s total order backlogcurrently stands at NOK 1,532 million, compared with NOK 1,066 million one yearearlier and NOK 1,680 million at the start of the year. Options in the MaritimeSolutions segment were valued at NOK 250 million at the end of the quarter.

With an increasing number of ships being built with environmentally compliantoperations, the demand for Vow’s technology and lifecycle services from theaftersales segment is growing. Demand for heat-intensive technologies is also onthe rise.

Vow enjoys a favourable position in cruise and promising positions in otherindustry verticals. Key performance indicators have improved, but significantwork remains to strengthen operational execution, manage risk effectively, andensure long-term, sustainable profitability. These are top priorities for theteam and me going forward, said CEO Gunnar Pedersen

CEO Gunnar Pedersen and CFO Cecilie Brænd Hekneby both joined Vow in May 2025.Together, they bring broad industry and professional experience and a mandate tostrengthen operations, improve project execution, and drive delivery of thegroup’s strategic priorities.

After the reporting period, Vow agreed with DNB to extend the maturity of itsloan facilities by 12 months, to Q3 2027. As part of the amendment, the covenantstructure was adjusted with improved headroom.

Detailed information about Vow’s operational and financial performance for thefirst quarter 2025 is available in the attached Trading update.

Report

Please find webcast and report here:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250828_3

Q1 2025 report

Q1 2025 presentation

For more information, please contact:

Gunnar Pedersen, CEO, Vow ASATel: +47 916 30 304Email: gunnar.pedersen@vowasa.com

Cecilie Brænd Hekneby, CFO, Vow ASATel: +47 992 93 826Email: cecilie.hekneby@vowasa.com

About Vow

Vow and its subsidiaries Scanship, C.H. Evensen and Etia are passionate aboutpreventing pollution. The company’s world leading solutions convert biomass andwaste into valuable resources and generate clean energy for a wide range ofindustries.

Advanced technologies and solutions from Vow enable industry decarbonisation andmaterial recovery. Biomass, sewage sludge, plastic waste and end-of-life tyrescan be converted into clean energy, low carbon fuels and renewable carbon thatreplace natural gas, petroleum products and fossil carbon. The solutions arescalable, standardised, patented, and thoroughly documented, and the company’scapability to deliver is well proven.

The company is a cruise market leader in wastewater purification andvalorisation of waste. It provides technology and solutions which enableindustries to transition towards a fossil-free future by converting biomass andwaste into valuable resources and clean energy. The company also has strongniche positions in food safety and robotics, and in heat-intensive industrieswith a strong decarbonising agenda.

Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange(ticker VOW).

The information is such that Vow ASA is required to disclose in accordance withthe EU Market Abuse Regulation. The information was submitted for publication,through the agency of the contact person set out above, at 07:00 CET,28 05 2025.