Slide 1: First quarter 2025 Presentation
First quarter 2025 PRESENTATION Gunnar Pedersen, CEO Cecilie Brænd Hekneby, CFO Oslo, 28 May 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: Q1 2025: High activity and double-digit margin in cruise
Q1 2025: HIGH ACTIVITY AND DOUBLE-DIGIT MARGIN IN CRUISE Highlights Good progress on projects and high activity in the quarter. Order backlog nearly doubled year-over-year Double-digit margins in both Maritime Solutions and Aftersales Industrial Solutions impacted by delayed order intake Maritime So
Slide 4: Key financials | Group
KEY FINANCIALS | GROUP Rolling 12 months 1 047 68,7 Options 915 61,1 250 382 399 381 392 Industrial 360 321 7,0 207 218 6.6% Aftersales 188 194 197 Backlog -4.8% 1 532 1 066 430 430 Maritime 368 381 379 -27.0 -43,8 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q
Slide 5: Financials
FINANCIALS
Slide 6: Operational key figures
OPERATIONAL KEY FIGURES NOK million Q1 2025 Q1 2024 2024 Improved operational profitability Revenue 260.8 232.3 1,018.2 Revenue increase of 12.3 per cent compared with same period last year, mainly driven by growth in Aftersales and Industrial Gross profit 76.6 73.1 298.7 Gross profit up NOK 3 milli
Slide 7: Segment information
SEGMENT INFORMATION NOK million Q1 2025 Q1 2024 2024 Maritime deliver in line with last year Performance driven by phasing of projects and MARITIME Revenues Adj. EBITDA1 108.1 13.4 107.1 14.2 429.5 50.5 equipment deliveries Profitability still impacted by progress and delivery on SOLUTIONS Adj. EBIT
Slide 8: Financial performance
FINANCIAL PERFORMANCE NOK million Q1 2025 Q1 2024 2024 Result before tax impacted by currency fluctuation Revenue 260.8 232.3 1,018.2 Depreciation increased compared to same period last year due to increase in number of completed R&D projects EBITDA 9.4 5.6 48.4 Share of net profit from associated c
Slide 9: Currency effects
CURRENCY EFFECTS 12.2 Currency fluctuations had a negative, mainly NOK/EUR 12.0 non-cash impact on key financial metrics in Q1 11.8 Currency market turmoil throughout the quarter, with significant effects around cut-off date 31 March 11.6 -3% Net foreign exchange loss of NOK 12.1 million included in
Slide 10: Balance sheet
BALANCE SHEET NOK million 31.03.25 31.12.24 Balance sheet impacted by working capital fluctuations Intangible assets and goodwill 636.9 649.3 Net working capital increased compared with YE 2024 mainly due to phasing of milestone payments from customers and supplier payments Trade receivable 225.2 20
Slide 11: Cash flow development
CASH FLOW DEVELOPMENT = undrawn credit lines Available liquidity1 of NOK 126m The dynamics of the business impacts working capital depending on timing of milestone payments and contract structure 223.5 228.8 -323.8 -72.7 126.0 113.9 159.1 182.5 85.5 56.4 2.6 -1.2 57.5 46.3 40.5 -71.4 71.1 -4.3 Cash
Slide 12: Financial priorities
FINANCIAL PRIORITIES Several initiatives already started Working capital Exchange Capital structure Operational management risk mitigation optimisation performance Manage working capital Consider alternatives to Continue to optimise Improve financial to optimise cash flow in a mitigate increased deb
Slide 13: Market and business update
MARKET AND BUSINESS UPDATE a VOW
Slide 14: Maritime Solutions
MARITIME SOLUTIONS Another busy quarter and months ahead Margin level expected to further improve as newer contracts with more favourable terms replace older contracts NOK 1.3 billion order backlog, more than doubled year-over-year In May, Scanship signed a EUR 3.5 million contract with a leading Eu
Slide 15: Strong backlog and pipeline in cruise
STRONG BACKLOG AND PIPELINE IN CRUISE Tendering activity with promising growth opportunities Vessels with Vow equipment # of vessels Backlog comprises 35 confirmed orders 14 for cruise ships under construction Currently being bid 12 In backlog, as option Current number of options are 2 vessels 10 6
Slide 16: Equipment deliveries in 2025
EQUIPMENT DELIVERIES IN 2025 Meyer Turku (2) Scanship’s scheduled main system deliveries in 2025 • Delivered equipment to date: for 10 newbuilds • Total equipment deliveries this year: 18 newbuilds + 1 retrofit Meyer Werft Papenburg (2) Vow holds a leading position within new build1 Chantiers De Atl
Slide 17: Commissioning in 2025
COMMISSIONING IN 2025 Scanship’s scheduled commissioning activities in 2025 To date: 4 newbuilds (pictured) Scheduled rest of year: 8 newbuilds Adding 12 systems to fleet of vessels requiring spares and consumables from Scanship’s MSC's World America NYK's Asuka III Aftersales division NCL's Norwegi
Slide 18: Aftersales
Aftersales revenues AFTERSALES in NOK million 12-month rolling 218 Demand for Vow’s technology and lifecycle services from 188 Aftersales continues to increase with an increasing number of Scanship systems in operation The increase in revenue translated into a growth in the EBITDA result 138 Margins
Slide 19: Industrial Solutions
INDUSTRIAL SOLUTIONS The heat treatment segment is continuing to prove its relevance, as its industry customers adapt to higher energy costs and growing climate-related emission concerns Front-End Engineering Design (FEED) contracts are progressing Profit margin impacted by costs related to delayed
Slide 20: Status FEED studies
STATUS FEED STUDIES End-of-life tires Sewage plant FEED Caribbean Carbon Refinery® Currently designing first ELT FEED study for pyrolysis of CirCon Energy have assigned plants, located in the UK sewage sludge and PFAS removal EPC for the project FEED study package has been FEED study of first Vow ha
Slide 21: Supporting new strategic owner
SUPPORTING NEW STRATEGIC OWNER HitecVision to acquire all shares in Vow Green Metals In May 2025, the board of Vow Green Metals (VGM) recommended that shareholders accept an offer from HitecVision to acquire all shares in the company Vow has undertaken to irrevocably accept the offer for its 50,173,
Slide 22: Believing in a future where industry is harmonized with nature
BELIEVING IN A FUTURE WHERE INDUSTRY IS HARMONIZED WITH NATURE