Vow Asa · OSL:VOW
Vow Asa — Q1 2026 Earnings Presentation
19 slides from Vow Asa's earnings presentation, May 20, 2026
Slide 1: Q1 2026 interim report: Status and outlook
Q1 2026 interim report Status and outlook Gunnar Pedersen, CEO Cecilie Brænd Hekneby, CFO Oslo, 20 May 2026 1
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by the management of Vow ASA using commercially reasonable efforts to provide estimates and information about the company and prospective new markets. The presentation includes and is based, inter alia, on forward-looking information and statements that
Slide 3: Executive summary
Executive summary Improved operational performance and continued momentum into Q1 2026, with revenue growth translating into stronger margins and profitability. The Maritime Solutions and Aftersales segments maintain strong momentum, while the Industrial Solutions segment developed in line with upda
Slide 4: Financials
Financials 4
Slide 5: Development in key financials | Group
Development in key financials | Group +16% 347 23 64 8% 378 284 400 16 245 66 5% Options 250 228 259 214 134 Aftersales 58 59 54 171 -3 Maritime 102 162 97 1 699 1 786 Backlog 1 532 1 449 1 424 166 112 Industrial 84 72 57 -29 -6 -33 Q1 25* Q2 25 Q3 25 Q4 25 Q1 26 Q1 25* Q2 25 Q3 25 Q4 25 Q1 26 Q1 25
Slide 6: Revenue development
Revenue development Continued strong performance in Maritime Solutions Revenue growth by segment (NOK million) and Aftersales drives revenue growth in the quarter Q/Q • Total revenue Q1 2026 were NOK 284 million, up NOK 39 +39 million year-on-year 7 -27 284 59 • Maritime Solutions main growth engine
Slide 7: Operational key figures
Operational key figures Improved operational performance NOK million Q1 2026 Q1 2025 Δ FY 2025 • Operational performance increased with growth in both gross margin and adj EBITDA-margin Revenue 283.6 244.8 38.8 1,034.2 • Growth in gross profit following continued strong activity in Maritime Solution
Slide 8: Financial performance
Financial performance Operational turnaround in progress NOK million Q1 2026 Q1 2025 Δ FY 2025 • Result before tax significantly improved from Q1 2025 with strong EBITDA growth as primary driver Revenue 283.6 244.8 38.8 1,034.2 • Still negative bottom line due to depreciation and financial costs EBI
Slide 9: Balance sheet
Balance sheet High Maritime activity drives timing effects in liquidity NOK million 31.03.26 31.03.25 31.12.25 • Total available liquidity of NOK 67 million at 31.03.26 Intangible assets and 532.6 636.9 546.7 • Trade receivables increased from year-end following high activity goodwill and progress o
Slide 10: Cash flow development
Cash flow development Payment schedules impact liquidity 136.1 • The dynamics of the business impacts working capital, driven by milestone invoicing, project progress and contract structures • Expected decrease in available liquidity from year-end 2025 due to high activity and delivery volumes in th
Slide 11: Market and business update
Market and business update 19.05.2026 11
Slide 12: Maritime Solutions
Maritime Solutions • Strong revenue growth and margin improvement driven by higher delivery volumes and progress on large newbuild contracts • Profitability significantly improved as legacy contract exposure reduced to 26%, replaced by new contracts with revised terms • Solid order intake and robust
Slide 13: Maritime contract development
Order backlog1 Maritime contracts Total NOK 1.6 Billion 26% Maritime contract development 20% 18% 19% One contract awarded in Q1 2026: 10% • EUR 27 million contract with a leading European shipyard • Equipment to 4 vessels – existing platform 6% • Deliveries starting July 2027 and throughout 2029 20
Slide 14: Trusted technology provider and supplier to leading cruise operators
Trusted technology provider and supplier to leading cruise operators Main system deliveries to 7 ships in Q1, of a total of 13 ships planned within 2026 1 ship commissioned, of a total of 10 ships in 2026 Ships with Vow equipment In backlog Planned 2026 activity In backlog as option Currently being
Slide 15: Aftersales
Aftersales • Record sales across all aftersales segments in the quarter Aftersales revenues in NOK million and further margin improvements from Q1 2025 supported +14% by scaling effects and improved operational efficiency 66 64 • High activity level entering 2026 including mid-life upgrades 58 59 an
Slide 16: Industrial Solutions
Industrial Solutions • Large Circular Solutions projects in commissioning phase • Managed technical incidents with limited scope at the Follum project • Technical challenge on downstream equipment in Rhode Island project • First-of-kind system configuration – progress closely monitored • Improved ma
Slide 17: Industrial contract development
Industrial contract development NOK 143 million order backlog, down from NOK 228 million in Q1 2025 • Expect reduction in backlog before picking up again according to revised strategy • Completion of ongoing projects in Circular Solution and demonstration of commercial scale will provide foundation
Slide 18: Summary & outlook
Summary & outlook • Continued positive development in Maritime Solutions and reduced share of legacy contracts • Strong market development in Cruise • Growth in Aftersales continues following increasing fleet of vessels • Completion of Circular Solution projects will provide foundation for future op
Slide 19: Believing in a future where industry is harmonized with nature
Believing in a future where industry is harmonized with nature 19.05.2026 19