Vow Q3-25: On a path to restore profitability

For Vow ASA (“Vow” or the “Group”), the third quarter2025 was characterised by high activity across the Group with all-time highrevenue in the Maritime Solutions segment. During the quarter, a profitimprovement program was launched, and a process of revisiting the strategy hasbeen started, with a particular emphasis on the Industrial Solutions segment.

In the third quarter, Vow had revenues of NOK 214.3 million, representing adecline of NOK 53.1 million from Q3 2024. While the Maritime Solutions andAftersales segments continued their growth trajectory, the progress was offsetby negative revenue in the Industrial Solutions segment, as explained in a stockmarket announcement on 20 October 2025.

EBITDA adjusted for non-recurring costs of NOK 2.8 million related to managementchanges was negative NOK 28.5 million, down from a profit of NOK 18.4 million inQ3 2024. It was heavily impacted by the performance in the Industrial Solutionssegment.

At the end of the quarter, total order backlog was NOK 1.449 billion, up fromNOK 1.103 billion one year earlier. The order backlog provides good visibilityand includes signed contracts extending up to and including 2032.

Significant inflows from trade receivables in the quarter was used to repaydebt. Large upcoming milestone payments are expected to further improveliquidity in the fourth quarter.

“The third quarter was characterised by high activity, a revisit of ourstrategy, and continued efforts to strengthen our understanding of both thecompany and our markets. We see significant opportunities to strengthenfinancial performance, and a profit improvement program has been launched toreduce our cost base and drive operational efficiency. Several initiatives arealready underway,” says CEO Gunnar Pedersen.

“Going forward, we will reinforce our efforts in Maritime Solutions andAftersales and take a more selective approach with regards to prospects andcontract formats in the Industrial Solutions segment, with the aim to reducerisk exposure and better align with market demand,” Pedersen adds.

Please find report and presentation material here:

Q3 2025 report

Q3 2025 presentation

https://channel.royalcast.com/landingpage/hegnarmedia/20251119_1

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For more information, please contact

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

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

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About Vow

Vow 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.