Slide 1: H2 and full year 2024 presentation
H2 and full year 2024 PRESENTATION Henrik Badin, CEO Tina Tønnessen, CFO Oslo, 27 February 2025
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: Building on a unique position in cruise
BUILDING ON A UNIQUE POSITION IN CRUISE NOK 1 bn revenue mark passed in 2024. Order backlog at record levels Building on a unique and attractive position in cruise, Vow has positioned itself and its technology also in new industry verticals with significant potential. Now also with a stronger balanc
Slide 4: Key financials | Group
KEY FINANCIALS | GROUP Rolling 12 months 1 018 61.1 258 Options 919 382 921 381 392 Industrial 365 360 7.0 207 6.0% Aftersales 179 188 194 197 1,680 Backlog -2.5% 1,034 430 -23.4 Maritime 376 368 381 379 -27.0 -43.8 FY 23 Q1 24 Q2 24 Q3 24 FY 24 FY 23 Q1 24 Q2 24 Q3 24 FY 24 Q4 23 Q1 24 Q2 24 Q3 24
Slide 5: Market and business update
MARKET AND BUSINESS UPDATE
Slide 6: Maritime Solutions: backlog and bid pipeline
MARITIME SOLUTIONS Backlog and bid pipeline # of ships Average contract NOKm 14 14 value in backlog Maintained a strong momentum in 2024, delivering technology to sixteen cruise 14 Currently being bid 300 newbuilds during 2024 and commissioned nine newbuild projects 12 12 11 11 In backlog, as option
Slide 7: Trusted technology provider and supplier to leading cruise operators
TRUSTED TECHNOLOGY PROVIDER AND SUPPLIER TO LEADING CRUISE OPERATORS 9 ships commissioned and main system deliveries for 16 ships in 2024 Backlog and bid pipeline # of ships NOKm 14 14 Meyer Turku (3) 14 300 12 12 11 11 250 10 2 7 200 8 6 7 Meyer Werft Papenburg (2) 6 1 10 150 9 4 100 4 3 3 3 Chanti
Slide 8: Riding third wave of recovery in cruise
RIDING THIRD WAVE OF RECOVERY IN CRUISE Cruise market “fully recovered” this year and cruise ships ordering is picking up1 5000 50 4500 Cruise contracting – Thousand GT 46 3 Post Covid Cruise contracting – # of ships 45 4000 40 3500 36 36 35 35 3000 2 Post 08/09 financial crisis 32 30 2500 1 Post 9/
Slide 9: System evolution increasing contracts
SYSTEM EVOLUTION INCREASING CONTRACTS Scanship is making it happen Cruise ship with 8,000 people Daily Input Reuse up to 20% Grey & Black Water Foodwaste Garbage Glass & Tins • Foodwaste: 3 tons • Wastewater: 2200 m3 • Dry Garbage: 10 tons • Tins & Cans: 4 tons Energy Scanship Food Scanship • Glass:
Slide 10: Aftersales
AFTERSALES Cruise ships with Scanship technology inside Aftersales revenues in NOK million (by operator) 12-month rolling 207 million Increased activity levels in Aftersales resulted in a 16-per cent revenue increase year-over-year. 180 Annual revenues above the 200m mark for the million first time
Slide 11: Industrial Solutions
INDUSTRIAL SOLUTIONS Profit still impacted by costs related to tendering, project development and building capacity in anticipation of orders in new End-of-life tyre plant in UK Rhode Island biochar plant industry verticals, but cost saving initiatives are yielding results, leading to improved EBITD
Slide 12: Financials
FINANCIALS
Slide 13: Segment information
SEGMENT INFORMATION NOK million 2H 2024 2H 2023 2024 2023 Revenues 210.3 161.4 429.5 375.5 Maritime maintained strong momentum in 2024 MARITIME Gross profit Gross margin % 47.7 22.7% (9.3) (5.8%) 93.9 21.9% 65.6 17.5% H2 2024 gross margin impacted by SOLUTIONS EBITDA before non-recurring 25.5 (31.8)
Slide 14: Income statement
INCOME STATEMENT NOK million 2H 2024 2H 2023 2024 2023 Comments Revenue 533.1 469.8 1,018.2 918.5 Revenue increase of 11% compared with FY 2023, driven by Gross profit 148.8 85.5 298.7 258.3 growth in all segments Gross margin % 27.9% 18.2% 29.3% 28.1% Gross margin improving, however still impacted
Slide 15: Income statement
INCOME STATEMENT NOK million 2H 2024 2H 2023 2024 2023 Comments Revenue 533.1 469.8 1,018.2 918.5 Impairment mainly related to write down of assets related to French EBITDA 27.7 (81.0) 48.3 (54.7) subsidiary Depreciation and amortization (25.0) (31.5) (47.4) (51.9) Share of net profit from associate
Slide 16: Balance sheet
BALANCE SHEET NOK million 31.12.24 31.12.23 Comments Intangible assets and goodwill 649.3 588.1 Increase in intangibles relate to investments in new Accounts receivable 205.8 241.0 technology Contracts in progress 297.5 270.3 Net working capital decreased compared with YE 2023 Other assets 340.3 378
Slide 17: Cash flow development
CASH FLOW DEVELOPMENT = undrawn credit lines Comments Working capital improved throughout 2024 Operating cash flow: 159.1 Investments reduced compared 223.5 with historical levels as several R&D 228.8 projects completed (321.1) Net proceeds from share issue 48.5 (72.7) amounted to NOK 223.5m 113.9 O
Slide 18: Concluding remarks
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Slide 19: Introducing new CEO and CFO
INTRODUCING Gunnar Pedersen, CEO Cecilie Brænd Hekneby, CFO Extensive leadership experience Extensive financial leadership and from the maritime and industrial Investor Relations experience sectors Currently CFO of Spir Group ASA, Currently Executive Vice with prior experience as CFO of Self Preside
Slide 20: Believing in a future where industry is harmonized with nature
BELIEVING IN A FUTURE WHERE INDUSTRY IS HARMONIZED WITH NATURE