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Vow ASA : First Half 2021 : Cruise industry rebounds

August 26th, 2021

For the first half of 2021, Vow ASA ("Vow" or the "Company") reported NOK 201 million in revenues and a steady 10 per cent EBITDA margin before non-recurring items. The order backlog has climbed to a new record at the time of reporting, NOK 1.1 billion in firm orders and another NOK 780 million in options.

"The resilience of our Cruise Project business during the pandemic is one striking feature of this report. So far this year, our order intake from cruise customers amounts to NOK 200 million plus NOK 135 million in options. And now, as the cruise industry has begun taking ships back in operation, we expect that the market for our Aftersales segment will gradually recover," said Henrik Badin, CEO of Vow.

Total Vow revenues in the first six months this year were NOK 201 million, down NOK 47 million or 18 percent compared to the same period in 2020. Aftersales revenues this year was NOK 18 million. A typical pre-pandemic level for this segment was NOK 60-65 million.

Revenues in the Cruise Project business was NOK 149 million, compared with NOK 160 million in the same six months of 2020. EBITDA increased from NOK 35 million in 2020 to NOK 38 million this year, representing a strong 25.7 percent EBITDA margin.

"Activity in the Cruise Project business has remained steady during the Covid- 19 lockdown. The variance in the period reflects the phasing of the various projects currently in production," commented Badin.

Vow's landbased business has passed several important milestones so far this year. The demerger and launch of Vow Green Metals as a separate entity, listed on the Euronext Growth market in Oslo and with Vow as a leading shareholder, was one such important step in Vow's commitment to help industries decarbonise.

As Vow Green Metals proceeds with its plans to build a first full-scale biocarbon production plant at Follum in Norway for completion in 2022, this company will be an important customer and partner for Vow.

"At the same time, we continue experiencing strong demand across a wide range of landbased industry verticals and applications, as current and prospective customers rush to decarbonise their value chain to meet new regulation, economic realities and consumer expectations," said Badin.

"With our ability to provide technology and solutions that help industries decarbonise, and thereby mitigate climate change, we are also experiencing increased interest from the capital market and governments to support our business," he said.

In the first half this year, Vow raised NOK 230 million in gross proceeds to the company in a private placement. It secured NOK 320 million in long-term 'green credit' at attractive terms, and it was awarded a NOK 80.7 million state grant from Enova to support industrial production of biocoal for metallurgical industry at the Follum plant.

Today, at 09:00 Central European Summer Time (CEST) the company's CEO Henrik Badin will host an online presentation and answer questions from the audience in a following Q&A session. He will be joined by the newly appointed CEO of Vow Green Metals, Cecilie Jonassen. The session will be held in English. A replay of the presentation and Q&A will be made available on http://www.vowasa.com shortly after.

To register and join, please paste the following link into your browser and fill in the required information: https://www.vhgo.no/vow/firsthalf-2021


VOW - First Half Year 2021 Presentation

VOW - First Half Year 2021 Report

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 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.

Cruise ships on every ocean have Vow technology inside which processes waste and purifies wastewater. Fish farmers are adopting similar solutions, and public utilities and industries use our solutions for sludge processing, waste management and biogas production on land.

With advanced technologies and solutions, Vow turns waste into biogenetic fuels to help decarbonise industry and convert plastic waste into fuel, clean energy, and high-value pyro carbon. The solutions are scalable, standardised, patented, and thoroughly documented, and the company's capability to deliver is well proven. They are key to end waste and stop pollution.

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 with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET, 26 August 2021.


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 2020