Slide 1: Q3 2025 Interim report: Status and outlook
Q3 2025 Interim report Status and outlook Gunnar Pedersen, CEO Cecilie Brænd Hekneby, CFO Oslo, 19 November 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: Executive summary
Executive summary Q3 2025 was busy with high activity across the Group and all-time high revenue in the Maritime segment. Management continued its deep dive with focus on the Industrial Solutions segment and started the revisit of strategy. A thorough review of the two major circular solution projec
Slide 4: Financials
Financials
Slide 5: Reassessment of cost to completion on key circular solution projects
Reassessment of cost to completion on key circular solution projects • Phase 1 of the Follum and Rhode Island projects represent significant milestones for our pyrolysis technology. An SVP program director was appointed in September to strengthen coordination, execution, and financial control. • Equ
Slide 6: Development in key financials | Group
Development in key financials | Group -53 258 267 265 250 245 Options Aftersales 53 52 25 259 134 228 214 58 59 15 54 18 17 116 Maritime 93 5 6.9% 117 102 -3 1 680 Backlog 97 -5 1 532 1 424 1 449 -13.3% -29 1 103 166 -15 -33 Industrial 122 96 84 72 -25 -6 -35 Q3 24 Q4 24 Q1 25* Q2 25 Q3 25 Q3 24 Q4
Slide 7: Revenue development
Revenue development Q/Q -53 2 Positive development in Maritime Solutions and 73 267 -128 Aftersales offset by performance in Industrial Solutions 214 • Total revenue of NOK 214.3 million in Q3 2025, down NOK 53.1 million from Q3 2024 • All-time high revenue in the Maritime Solutions segment of NOK 1
Slide 8: Operational key figures
Operational key figures EBITDA impacted by performance in Industrial Solutions NOK million Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Revenue 214.3 267.4 686.8 752.5 1,018.2 • Revenue and gross profit heavily impacted by updated cost-to-completion estimates in the two Industrial projects - strong perfor
Slide 9: Segment information
Segment information YTD YTD • Maritime all-time high revenue growth in the quarter with NOK million Q3 2025 Q3 2024 2024 2025 2024 increasing profitability as share of legacy contracts is Revenues 165.9 93.0 365.3 312.1 429.5 decreasing and replaced with new contracts with revised Maritime Adj. EBIT
Slide 10: Financial performance
Financial performance NOK million Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Reduced financial cost in the quarter • Revenue and EBITDA in Q3 2025 heavily impacted by Revenue 214.3 267.5 686.8 752.5 1,018.2 performance in the Industrial Solution segment, which offsets the strong development in the Marit
Slide 11: Balance sheet
Balance sheet NOK million 30.09.25 31.12.24 Focus on cash collection and settling overdue payments Intangible assets and 663.7 649.3 • Trade receivable reduced by NOK 74.8 million from 31.12.2024. Cash collected goodwill used for settlement of overdue supplier debt and other liabilities Trade receiv
Slide 12: Cash flow development
Cash flow development Available liquidity1 of NOK 48.5m The dynamics of the business impacts working capital -28.2 depending on timing of milestone payments and contract structure The cash reduction primarily reflects payment of trade -21.5 payables to vendors 80.3 From YE 2024 to Q3 2025 trade rece
Slide 13: Profit improvement plan
Profit improvement plan • Profit improvement program initiated in August 2025 • Target to strengthen cost control, improve profitability and increase operational efficiency • Concrete measures identified and defined as hypothesis • Example o Product cost down o Operational efficiency o Service o Ind
Slide 14: Market and business update
Market and business update
Slide 15: Maritime Solutions
Maritime Solutions • One major contract and several minor concluded in Q3: • Scanship signed a EUR 11.3 million contract with a leading European shipyard to deliver advanced environmental systems to a major Miami-based cruise operator, with deliveries starting mid-June 2026 and throughout 2027. This
Slide 16: Maritime contract development
Maritime contract development • Legacy contracts YTD accounts for 65% of revenues in the Maritime segment, compared to 91% in the same period last year. Vow is entering into new contracts with updated terms reflecting inflation and current price levels. • Backlog remains strong at NOK 1,237 million,
Slide 17: Strong backlog and pipeline in Maritime Solutions
Strong backlog and pipeline in Maritime Solutions Tendering activity with promising growth opportunities Vessels with Vow equipment # of vessels • Backlog comprises 37 confirmed orders for cruise ships under construction 14 Currently being bid • Current number of options consist of 12 Option 1 vesse
Slide 18: Vow holds a leading position as supplier to newbuilds
Vow holds a leading position as supplier to newbuilds1 Equipment deliveries in 2025 Meyer Turku 13 systems delivered as of Q3 2025 18 main system deliveries to newbuilds scheduled in 2025 Meyer Werft Papenburg Chantiers De Atlantique Fincantieri Monfalcone Fincantieri Sestri Fincantieri Marghera Fin
Slide 19: Commissioning in 2025
Commissioning in 2025 • Scanship’s cheduled commissioning completion activities in 2025: • As of Q3 2025: 9 newbuilds • Scheduled rest of year: 1 newbuild • Adding 10 systems to fleet of vessels, enabling spares and consumables sales opportunities in the Aftersales segment 20
Slide 20: Aftersales
Aftersales revenues in NOK million Aftersales 53 54 49 • Positive margin development • An increasing fleet of vessels with our equipment on board will continue to drive the demand for our aftersales business 32 172 million NOK million Q3 25 Q3 24 YTD YTD 2024 revenues YTD 2025 25 24 Revenues 54.2 52
Slide 21: Industrial Solutions
Industrial Solutions • The two large-scale projects within Circular Solutions have entered the commissioning stage • Reassessment of remaining scope negatively impacting revenue and margin • Continued slowdown in investment within Thermal Heat Treatment due to uncertainties in the market, however po
Slide 22: Industrial contract development
Industrial contract development • Order backlog as of 30 September 2025 of NOK 212 million Backlog Industrial Solutions o NOK 152 million in Circular Solutions o NOK 60 million related to the other sub-segments 6% Circular Solutions • Strong market interest for Circular Solutions, however Vow is app
Slide 23: Positive development with strategic customer
Positive development with strategic customer VGM (Vow Green Metals) gaining momentum • Commissioning in full progress for the Follum phase 1 project • Preparation work for phase 2 is progressing in close cooperation with VGM • The large reactor delivered to Follum in November according to plan, trig
Slide 24: Revisiting our Strategy – sharpening focus
Revisiting our Strategy – sharpening focus • Strengthen competitiveness and introduce new waste disposal technology into Maritime Solutions • Continued development of aftersales services • Selective approach with regards to type of prospects and contract formats within the Industrial Solutions segme
Slide 25: Summary & outlook
Summary & outlook • Continued positive development in Maritime Solutions and reduced share of legacy contracts • Customer meetings confirm continued strong market development in Cruise and our strong market position • Growth in Aftersales margins • Demonstrating our Industrial Solutions in full scal
Slide 26: Believing in a future where industry is harmonized with nature
Believing in a future where industry is harmonized with nature