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H1 2023 - Building for growth from a strong base

August 23rd, 2023

Vow ASA (OSE: VOW) reported continued high revenues of NOK 449 million in the first six months of 2023, representing a growth of 12 per cent year over-year.

EBITDA before non-recurring items came in at NOK 29.6 million for the period and corresponding to a margin of 6.6 per cent. EBITDA reflects good performance in cruise and heat treatment, and the costs of building pipeline in Industrial Solutions.

"We are consistently delivering good results in our well-established business. We are strategically building capacity and intensifying our bidding for projects in new industry verticals. The demand for our offerings is evident, and we possess the relevance and capability to meet these needs. As a result, we remain steadfast in our commitment to seize these opportunities, even if it temporarily impacts our EBITDA," said Henrik Badin, CEO of Vow ASA.

Maritime Solutions continued with high revenues, driven by equipment deliveries to cruise newbuilds. Aftersales delivered record high revenues and profit, well above pre-pandemic level, and continues to perform well. Within Industrial Solutions, our heat treatment business (CHE) delivered growth and strong margins.

The overall outlook for Vow remains good, and the new financing agreement which was confirmed this summer contributes to a solid platform for growth. The order backlog is NOK 1.145 million plus NOK 999 million in options. The contract with Quonset Soil Solutions was confirmed in July and will drive growth in the second half of 2023. Vow is currently developing and bidding for a large number of projects in the Industrial Solutions segment, expected to materialize over the coming years.

"We remain optimistic across all our businesses. We are seeing strong demand for Vow's solutions across several industry verticals, with new majors showing interest in our technology, and an increased interest from existing clients in the cruise industry, which we are confident will result in an increased order backlog," said Badin.

Today at 08:30 CEST, the company's CEO Henrik Badin and CFO Tina Tønnessen will provide a financial update live at Haakon VII's gate 2, 0161 Oslo. Additionally, Per Carlsson, Vow's Chief Development Officer and Pål Jahre Nilsen, Vice President Innovation, will delve deeper into various applications of Vow technology, and its potential in markets driven by circular economy and decarbonization.

Participants are welcome to join in person or via livestream. The streaming link will also be available for replay after the event. The session will be held in English.

To register and join online, please copy and paste the following link into your browser, click Attend and register your email:


Please see attachments for further detailed information:

Vow - First Half Year 2023 Presentation

Vow - First Half Year 2023 Report

For more information, please contact

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

Tina Tønnessen, CFO, Vow ASA Tel: +47 40 63 95 56 Email: tina.tonnessen@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 recovery. 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 provides technology and solutions which enable industries to transition towards a fossil-free future by converting biomass and waste into valuable resources and clean energy. The company 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 information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


vow footervow scanship etia


Lysaker Torg 12

1366 Lysaker NORWAY


Org. nr. 996 819 000


Henrik Badin

Chief Executive Officer (CEO)

+47 90 78 98 25

© vow 2023