Slide 1: Q4 2025 interim report
Q4 2025 interim report Status and outlook Gunnar Pedersen, CEO Cecilie Brænd Hekneby, CFO Oslo, 25 February 2026
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 All-time-high revenues in Q4-25, improved underlying operations and strong order intake in the quarter. The financial results are however heavily impacted by the announced non-cash impairment, primarily related to updated assumptions and a more cautious outlook following the revise
Slide 4: Financials
Financials
Slide 5: Development in key financials | Group
Development in key financials | Group 400 Options 347 250 17 16 259 64 134 6% 265 5% 245 Aftersales 52 228 214 258 58 59 54 171 -3 1 699 Backlog Maritime 117 1 532 1 424 1 449 102 97 964 166 112 Industrial 96 84 72 -29 -6 -33 Q4 24* Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25* Q2 25 Q3 25 Q4 25 Q4 24 Q1 25*
Slide 6: Revenue development
+82 Revenue development Q/Q 16 347 12 Strong performance in Maritime Solutions 266 53 drives revenue growth in the quarter • All-time high revenue in the Maritime Solutions segment of NOK 171 million, up NOK 53 million from Q4 2024 • All-time high revenue in the Aftersales segment of NOK 64 million,
Slide 7: Operational key figures
Operational key figures EBITDA impacted by warehouse write downs but NOK million Q4 2025 Q4 2024 FY 2025 2024 underlying performance improving Revenue 347.4 265.7 1 034.2 1,018.2 • High activity in Maritime Solutions and Aftersales drives gross profit, offset by performance in the Industrial Solutio
Slide 8: Financial performance
Financial performance NOK million Q4 2025 Q4 2024 FY 2025 FY 2024 Non-cash impairment hits results in the quarter Revenue 347.4 265.7 1034.2 1,018.2 • Depreciation in the quarter of NOK 11.8 million is NOK 0.7 million higher than in Q4 2024 and will increase in 2026 and 2027 following completion of
Slide 9: Balance sheet
Balance sheet Measures to strengthen balance sheet starting to materialize NOK million 31.12.25 30.06.25 31.12.24 Intangible assets and • As a result of the Group’s priorities since June 2025, focus has been on cash 546.7 661.0 649.3 goodwill collection and settling overdue payments Trade receivable
Slide 10: Cash flow development
Cash flow development Available liquidity1 of NOK 136.1m 229.0 • The dynamics of the business will continue to impact working capital, driven by milestone invoicing, project progress and contract structures • Q4 2025 showed strong operating cash flow, mainly from a NOK 90.8 million reduction in net
Slide 11: Market and business update
Market and business update
Slide 12: Maritime Solutions
Maritime Solutions • All-time high revenue in the quarter with increasing profitability as share of legacy contracts is decreasing and replaced with new contracts with revised T&C • Growth primarily related to increased delivery volumes to shipyards and progress on new, larger newbuilding contracts
Slide 13: Maritime contract development
Backlog1 Maritime contracts Total NOK 1.6 Billion 31% Maritime contract development 24% 21% Three contracts awarded in Q4 2025: 14% • EUR 29.6 million contract with a leading European shipyard 10% • Equipment to 2 vessels – new platform • Deliveries starting July 2027 and throughout 2029 • EUR 13.8
Slide 14: Trusted technology provider and supplier to leading cruise operators
Trusted technology provider and supplier to leading cruise operators Main system deliveries for 18 ships and 10 ships commissioning in 2025 Ships with Vow equipment Currently being bid In backlog, as "option" Meyer Turku In backlog, confirmed Meyer Werft Papenburg Chantiers De 11 11 Atlantique 7 Fin
Slide 15: Aftersales
Aftersales Aftersales revenues • Record sales across all aftersales segments in the quarter in NOK million and further margin improvements supported by scaling effects 64 and improved operational efficiency 58 59 • High activity level entering 2026 including mid-life upgrades 52 54 and preventative
Slide 16: Industrial Solutions
Industrial Solutions • After adjustments made in Q3 2025, margin and revenue is now developing as expected • Large CHE reactor delivered and expect operational in 2026 • The two large projects are in commissioning and progressing as planned • First Biocarbon successfully produced during Q4 2025 • Sl
Slide 17: Industrial contract development
Industrial contract development • Order backlog as of 31 December 2025 of NOK 112 million • Forward focus on selected opportunities with reduced risk and exposure profiling Circular Solutions • Cooperation with Arbion Industries continue to show a strong potential going forward • Positive developmen
Slide 18: Strategy update
Strategy update
Slide 19: Clear focus. Strong position. Disciplined execution
Clear focus. Strong position. Disciplined execution Maritime • The cruise market remains robust, and we Solutions hold a leading ~70% market share • Our order backlog in Maritime Solutions provides good visibility well into the 2030ies • Pyrolysis technology is now entering the Aftersales commercial
Slide 20: Organizational reset to drive accountability and performance
Organizational reset to drive accountability and performance • New structure effective January 1 supporting strategy execution • Three distinct Business Units with full P&L responsibility: • Maritime Solutions • Industrial Solutions • Aftersales • Strengthened and streamlined Management Team • New o
Slide 21: Maritime Solutions – Defend and expand our leadership
Maritime Solutions – Defend and expand our leadership • Build on our ~70% market share in cruise • Continue product innovation and operational efficiency improvements • Refining onboard pyrolysis solutions that strengthen customer value proposition and reduce emissions • Growing installed base suppo
Slide 22: Aftersales – Scaling recurring revenue
Aftersales – Scaling recurring revenue • All global aftersales activities consolidated into one Business Unit with full P&L responsibility • Serving ~200 cruise vessels globally • Offering: Consumables, Spares, Service & upgrades • Developing new digital solutions in collaboration with customers • I
Slide 23: Industrial Solutions – Disciplined commercialization
Industrial Solutions – Disciplined commercialization • Strict capital discipline: • Focus on applications with clear commercial traction • Prioritize asset-light and partnership-driven models • No large-scale capital commitments without validated returns • Immediate commercial focus: • Biomass to Bi
Slide 24: Concluding remarks
Concluding remarks • Strengthen and defend maritime leadership • Commercialize pyrolysis with milestone-based capital allocation • Scale recurring aftermarket revenues • Improve execution, margins and cash generation • Allocate capital selectively and with clear return requirements Building a strong
Slide 25: Believing in a future where industry is harmonized with nature
Believing in a future where industry is harmonized with nature