Results for the first half-year 2025

Oslo, 28 August 2025 – For Vow ASA (“Vow” or the “Group”), the structuredassessment of the business announced in the Q1-presentation resulted in findingspublished on 15 July. The effects of these findings mark the second quarter andhalf-year report. The Group has launched a profit improvement programme tostrengthen cost control, improve profitability and increase operationalefficiency, and will also revisit its strategy.

In the second quarter, Vow had revenues of NOK 227.6 million, representing adecline of NOK 25.0 million from Q2 2024. Revenue excluding negative catch-upeffects is on par with the prior-year period, positively impacted by 9 per centincrease in the Maritime Solutions segment and Aftersales up 8 per cent. In theIndustrial Solutions segment revenue declined by 5 per cent.  Profitability inthe segment is impacted by increased cost in some larger projects.

EBITDA adjusted for non-recurring costs related to management changes wasnegative NOK 33.0 million, down from NOK 20.5 million in Q2 2024, heavilyimpacted by the negative catch-up effects of NOK 35 million.

At the end of the quarter, total order backlog reached NOK 1.4 billion, up fromNOK 1.1 billion one year earlier. The order backlog provides good visibility andincludes signed contracts extending through to 2033.??

“In the second half of the year, we will revisit our overall strategy, reviewmarket developments and adjust investment priorities accordingly. Our cruise-related operations remain healthy, and initiatives to enhance overallprofitability are underway. Across all business segments, we are committed todriving operational improvements, strengthening competitiveness, and capturingnew opportunities,” says CEO Gunnar Pedersen.

During the quarter, Vow received settlement for the sale of its shares in VowGreen Metals, and the convertible loan was repaid in full. Net proceeds of NOK35.1 million were used to repay an additional instalment on the term loan.?

After the reporting period, Vow obtained a formal waiver for the breach of thecovenants for the reporting period ending 30 June 2025.

Please find the report for the second quarter and first half-year and thepresentation material here:

H1 2025 report

H1 2025 presentation

Please use the following link to see the webcast:

https://channel.royalcast.com/landingpage/hegnarmedia/20250828_3

For more information, please contact

Gunnar Pedersen, CEO, Vow ASATel: +47 916 30?304Email: gunnar.pedersen@vowasa.com (mailto:gunnar.pedersen@vowasa.com)

Cecilie Brænd Hekneby, CFO, Vow ASATel: +47 992 93?826Email: cecilie.hekneby@vowasa.com (mailto:cecilie.hekneby@vowasa.com)

About VowVow and its subsidiaries Scanship, C.H. Evensen and Etia are passionate aboutpreventing pollution. The company’s world leading solutions convert biomass andwaste into valuable resources and generate clean energy for a wide range ofindustries. Advanced technologies and solutions from Vow enable industrydecarbonisation and material recycling. Biomass, sewage sludge, plastic wasteand end-of-life tyres can be converted into clean energy, low carbon fuels andrenewable 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 cruisemarket leader in wastewater purification and valorisation of waste. It also hasstrong niche positions in food safety and robotics, and in heat-intensiveindustries with a strong decarbonising agenda. Located in Oslo, the parentcompany Vow ASA is listed on the Oslo Stock Exchange (ticker VOW).

This is information is pursuant to the EU Market Abuse Regulation and subject tothe disclosure requirements pursuant to Section 5-12 the Norwegian SecuritiesTrading Act.