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Trading update Q1 2023 - Continuing profitable growth, record high tendering activity in new markets

May 9th, 2023

Vow ASA reported all-time high revenues of NOK 236 million in the first quarter, representing a growth of 29 per cent year-over-year and an EBITDA of NOK 26 million.

The company is showing profitable growth and earnings at stable levels across all segments. The growth was particularly strong in cruise, with high activity related to equipment deliveries to cruise newbuild projects in Maritime Solutions and continued rebound in Aftersales.

"We are proud to continue our strong, profitable growth. This year, 12 large cruise ships will enter service with Scanship clean tech on board, which will also drive our Aftersales business. Within Industrial Solutions, the C.H. Evensen team is doing a fantastic job growing the heat treatment business. This has proven a very successful acquisition for Vow. And not the least, we are delivering technology to Vow Green Metals' early production plant, which will be operational this summer," says Henrik Badin, CEO of Vow ASA.

The order backlog remains strong, at NOK 1.226 million plus NOK 929 million in options, providing good visibility for revenues and cash generation. The tendering activity for new projects is very high.

Strong global demand

Vow is experiencing a strong demand for its solutions across several industry verticals, with biocarbon and recovered carbon black identified as top candidates for rapid scale-up.

"Two years ago, we de-merged Vow Green Metals which is now building Europe's largest biocarbon production facility. We are about to complete a large-scale pyrolysis reactor for industry, and we are continuing the collaboration with ETEL to convert end-of-life tyres into recovered carbon black. These are some examples of projects that have attracted the interest of several industrial players around the world, companies which are looking to transition their industries towards a fossil-free future and to valorise waste and biomass to enhance circular economy," says Badin.

"Currently, Vow is developing around 80 industry projects, which will multiply the size and value of our company in the coming years. In response, we are strengthening our organisation to ensure that we continue to deliver according to expectations to our many existing customers, while at the same time having sufficient resources and capabilities to grow towards these new opportunities," continues Badin.

As of first quarter 2023, Vow changed the names of two of its business segments from Landbased and Cruise Projects to Industrial Solutions and Maritime Solutions, respectively. The name of the third segment, Aftersales, remains unchanged.

Follow the trading update live

Today at 08:30 CEST, the company's CEO Henrik Badin will present the results live at Haakon VII's gate 2, 0161 Oslo. 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: https://channel.royalcast.com/landingpage/vowasa/20230509_1/

Please see the attached trading update report and presentation for further detailed information:

Vow Trading Update Q1 2023

Vow Presentation Trading Update Q1 2023

For more information, please contact:

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

Tina T√łnnessen, CFO, Vow ASA Tel: +47 40 63 95 56 Email: tina.tonnessen@vowasa.com (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).


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