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Annual and Sustainability Report 2022

April 28th, 2023

Today Vow ASA published its Annual and Sustainability Report 2022.

In his letter to the shareholders and stakeholders, Vow's Chief Executive Officer, Henrik Badin, writes:

"Amid an ongoing war in Ukraine and turmoil in the world economy and trade, a looming energy crisis, and increasing costs of goods and capital, 2022 was a year of records for Vow. We saw a 72 per cent increase in revenues from the year before to NOK 783 million and profits that more than doubled to NOK 92 million."

With growth in all three business segments and a comfortable order back log at NOK 1.2 billion, Vow also reports good visibility for revenues and cash generation short term and well into 2025/26.

"The cruise industry shows no sign of slowing down, and with the strong order backlog we have in Projects and recurring business in Aftersales, this business will continue to play a key role in Vow, generating revenues that we will convert to profits and cash. On land, the race continues for carbon-neutral technology and solutions in industry and energy production, carbon sequestration and circular solutions for various raw materials, which some still erroneously call waste. These trends create strong and increasing demand for our solutions, which are further strengthened by policy and fiscal stimuli, such as the Inflation Reduction Act in the US and similar policies that are currently being considered in Europe", Badin adds.

The reports are attached below:

Annual and Sustainability Report 2022 (for web)

Annual and Sustainability Report 2022 (for print)

For more information please contact:

Henrik Badin, CEO, Vow ASA Tel: + 47 90 78 98 25 Email: henrik.badin@vowasa.com

Erik Magelssen, CFO, Vow ASA Tel: +47 928 88 728 Email: erik.magelssen@vowasa.com

About Vow

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).


vow footervow scanship etia


Wergelandsveien 7

0244 Oslo NORWAY


Org. nr. 996 819 000


Henrik Badin

Chief Executive Officer (CEO)

+47 90 78 98 25

© vow 2023