Slide 1: Q2 & H1 2025 Interim report: Status and outlook
Q2 & H1 2025 Interim report Status and outlook Gunnar Pedersen, CEO Cecilie Brænd Hekneby, CFO Oslo, 28 August 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: Highlights
Highlights Q2 and first half-year 2025 revenue and results marked by significant, negative catch-up adjustments following review of project portfolio. The negative catch-up adjustment and Q1-error led to a covenant breach for the period, which was waived in August following close and constructive di
Slide 4: Financials
Financials
Slide 5: Q1-error and catch-up adjustments in Q2
Q1-error and catch-up adjustments in Q2 • Two separate issues identified in connection with closing of Q2 and published on 15 July: 1. Q1-error • A technical accounting error in the Q1 report resulting in an overstatement of NOK 16 million in reported EBITDA • The error was related to incorrect elim
Slide 6: Development in key financials
Development in key financials | Group -25 258 267 265 253 250 245 Options 25 259 228 96 Industrial 86 122 15 84 72 316 20 18 116 17 5 8.1% Aftersales 55 52 -3 58 1 680 Backlog 53 59 -5 1 532 1 424 -14.5% 1 061 1 103 -15 -33 Maritime 112 117 102 97 93 -25 -35 Q2 24 Q3 24 Q4 24 Q1 25* Q2 25 Q2 24 Q3 2
Slide 7: Revenue development
Revenue development Q/Q 0 253 10 5 -15 253 -25 228 • Total revenue of NOK 228 million in Q2 2025, down NOK 25 million from Q2 2024 • Adjusted for negative catch-up effects, underlying revenue for the quarter in line with the prior-year period • Underlying revenue growth in Maritime Solutions +9% Q2
Slide 8: Gross profit
Gross profit Q/Q -9 8 77 14 -30 67 • The catch-up adjustment impacts revenue by NOK 25 -35 million and cost of goods sold with NOK 10 million 33 • Positive underlying gross profit development in the Maritime Solutions and Aftersales segments • Negative development in the Industrial Solutions Q2 2024
Slide 9: Operational key figures
Operational key figures Result impacted by catch-up effects and increased costs NOK million Q2 2025 Q2 2024 H1 2025 H1 2024 2024 • Revenue and gross profit are heavily impacted by catch-up adjustment, Revenue 227.7 252.7 472.4 485.0 1,018.2 but positive underlaying growth within Maritime Solutions a
Slide 10: Segment information
Segment information Q2 2025 H1 2025 • Maritime underlying revenue growth up 9% Q2 H1 H1 and increasing profitability in the quarter NOK million ex catch- Q2 2024 ex catch- 2024 2025 up 2025 up 2024 as share of legacy contracts is decreasing Revenues 97.0 122.1 112.0 199.4 224.5 219.1 429.5 • Growth
Slide 11: Financial performance
Financial performance NOK million Q2 2025 Q2 2024 H1 2025 H1 2024 2024 Reduced financial cost in the quarter Revenue 227.7 252.7 472.4 485.0 1,018.2 • EBITDA heavily impacted by the catch-up adjustments as well as higher COGS and personnel expenses than last period EBITDA (36.0) 15.1 (42.6) 20.6 48.
Slide 12: Balance sheet
Balance sheet NOK million 30.06.25 31.12.24 Focus on debt collection and payment to vendors • Net contracts in progress and contract accruals impacted by timing of milestone invoicing Intangible assets and goodwill 661.0 649.3 • Other assets reduced following reduced prepayments to vendors Trade rec
Slide 13: Cash flow development
Cash flow development = undrawn credit lines Available liquidity1 of NOK 90m The dynamics of the business impacts working capital depending on timing of milestone payments and contract structure The cash reduction primarily reflects payment of trade payables to vendors Figures in NOK million. Note:
Slide 14: Financial priorities
Financial priorities Working capital Operational Accounting & Capital structure management performance reporting improvement Manage working capital to Improve financial Processes and policies are Improve debt and cash optimise cash flow in a metrics through increased evaluated and standardised situa
Slide 15: Market and business update
Market and business update
Slide 16: Maritime Solutions
Maritime Solutions • Two contracts concluded in Q2: • Scanship signed a EUR 3.5 million retrofit contract with a leading European shipyard to deliver wastewater treatment systems to a major Miami-based cruise operator, with deliveries starting in Q1 2026 • Scanship also signed a EUR 3.5 million newb
Slide 17: 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 for cruise ships under construction 14 Currently being bid • Current number of options consist of 2 12 In backlog, as option 2
Slide 18: Equipment deliveries in 2025
Equipment deliveries in 2025 Meyer Turku • Scanship’s scheduled main system deliveries in 2025 • Delivered equipment to date: for 12 newbuilds • Total equipment deliveries this year: 18 newbuilds Meyer Werft Papenburg • Vow holds a leading position within newbuild1 Chantiers De Atlantique Fincantier
Slide 19: Commissioning in 2025
Commissioning in 2025 • Scanship’s scheduled commissioning activities in 2025 • To date: 8 newbuilds • Scheduled rest of year: 2 newbuilds • Adding 10 systems to fleet of vessels requiring spares and consumables from Scanship’s Aftersales division 19
Slide 20: Aftersales
Aftersales revenues in NOK million Aftersales 59 55 • Positive development in revenues and margins 49 • An increasing fleet of vessels with our equipment on board will continue to drive the demand for our aftersales business • Margins continue picking up as the effects of various operational improve
Slide 21: Industrial Solutions
Industrial Solutions • The large-scale Circular Solutions pyrolysis projects (Follum and Rhode Island) have completed most equipment deliveries, entering a phase of commissioning activities with revenues primarily driven by hours. Margin is impacted by increased costs in these projects • Order backl
Slide 22: Certification lab
Certification lab • We have been working closely with forward leaning cruise lines to establish pyrolysis solutions suitable for the maritime market • The first solutions have been installed and there is a strong interest in the market • A full—scale certification lab has been established to support
Slide 23: Supporting new strategic owner
Supporting new strategic owner HitecVision successfully acquired all shares in VGM • Commissioning has been initiated for the Follum phase 1 project • We are working closely together with VGM in preparing for phase 2 • Vow has built a large reactor suitable for Follum Phase 2 and delivery timeline f
Slide 24: Summary & outlook
Summary & outlook • Continued positive development in Maritime Solutions and reduced share of legacy contracts • Growth in revenue and margins in Aftersales • Demonstrating our Industrial Solutions in full scale • Launch profit improvement program • Focus on liquidity and debt collection • Revisit s
Slide 25: Believing in a future where industry is harmonized with nature
Believing in a future where industry is harmonized with nature