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Vow ASA: 2022 - A year with record high revenues and profits

February 23rd, 2023

Vow ASA (OSE: VOW) reported record high revenues and more than doubling of profits in 2022 compared with 2021. Order backlog at the end of 2022 remained strong at NOK 2 billion including options. This provides good visibility for revenues and cash generation in 2023 and well beyond.

The second half of the year marked high activity on project development and feasibility studies together with potential customers and partners, and technology scale-up which are expected to result in significant business opportunities in the coming years.

Revenues in 2022 were NOK 783 million, a 72 percent increase from 2021, and EBITDA before non-recurring items increased from NOK 41 million to NOK 92 million in 2022.

Revenues in the second half of 2022 was than lower in the first six months of the year. Cruise revenues and profits were record high. The US contract announced in June has not yet generated significant revenue in Landbased, although engineering has begun. EBITDA in the second half of 2022 was NOK 39 million reflecting continued high activity related to business development and scale up. The company continues to develop and invest in technology to meet strong demand for Vow solutions across several industry verticals.

"We are pleased to note that the cruise industry is steaming ahead and that our highly valued customers in this industry have brought most of their ships back at sea. For us, this is good news. 2022 was in fact our best year ever in cruise," said Henrik Badin, CEO of Vow ASA.

"Our Landbased business is very busy with engineering and feasibility studies for projects with significant revenue and profit expected in 2023 and onwards. We continue to see strong demand for our solutions across several industries, with biocarbon and recovered carbon black currently standing out as top candidates for rapid scale-up," Badin added.

In biocarbon, Vow Green Metals represent an important partner and customer for Vow. Vow Green Metals announced that they have recent, current, and ongoing concept studies totalling 600,000 tonnes of biocarbon. Vow is a proud to be working with Vow Green Metals on these.

The parties are also working closely to double capacity at Vow Green Metals Follum plant from the current 10,000 tonnes biocarbon per year and bring forward first production to the third quarter this year. The new large pyrolysis reactor which is under construction by C.H. Evensen, is considered to be part of the doubling of Follum. In a separate project with a non-ferrous metal producer, the parties continue to develop plans for a 50,000-tonnes per year biocarbon factory.

Polymer recycling, and especially recovery of carbon black and other resources from end-of-life tires is another key area for project development in Vow.

In December 2022, Vow teamed up with European Tyre Enterprise Ltd. (ETEL), to deploy Vow's advanced technology in a complete solution to convert end-of-life tyres to valuable raw material and renewable energy. ETEL has identified a potential demand for more than 300 tyre recycling plants in Europe, North America, and Japan.

Today at 09:00 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 the webcast, please paste the following link into your browser, click 'Attend' and register your e-mail:


Please see the attached Report for the second half of 2022 and presentation for further detailed information (see link at end of document).

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

Vow - Second Half Year 2022 Presentation

Vow - Second Half Year 2022 Report

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