Slide 1: Trading Update 1Q 2023
TRADING UPDATE 1Q 2023 Henrik Badin, CEO Vow ASA Oslo, 9 May 2023 Photo: Kolonihaven
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 2023 Key Takeaways
Q1 2023 | KEY TAKEAWAYS All-time high revenues in Q1 2023 with 29% increase year-over-year Q1 2023 Revenues +29% Profitable growth and EBITDA at stable levels across all segments 236 y-o-y Particularly strong growth in cruise and continued rebound in million aftersales Large tender activity within I
Slide 4: Key Financials | Group (by quarter)
KEY FINANCIALS | GROUP 2 109 2 155 By quarter 29.7 236 217 26.0 929 Options 25.1 838 194 189 23.6 183 82 108 42 79 76 Industrial 38 39 13.8 11.0% 21 29 32 Aftersales 12.9% 1271 1226 Backlog 109 115 86 81 82 Maritime Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q1 22 Q2 22 Q3 22 Q4 22
Slide 5: Key Financials | Group (rolling months)
KEY FINANCIALS | GROUP 2 109 2 155 Rolling 12 months 836 783 94 92 95 929 Options 748 838 652 311 77 304 543 314 258 57 Industrial 167 138 120 101 Aftersales 65 83 1271 1226 Backlog 359 387 Maritime 312 312 333 10.5% 11.3% Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q1 22 Q2 22 Q3 22
Slide 6: All Profitable Business Segments
ALL PROFITABLE BUSINESS SEGMENTS EBITDA margin and share of group revenue in Q1 2023 INDUSTRIAL MARITIME AFTERSALES Significant growth in Continued strong performance Back at pre-pandemic levels revenues and profit and solid backlog 11.8% 35% 19.7% 49% 14.9% 16% EBITDA margin EBITDA margin EBITDA ma
Slide 7: Industrial Solutions
INDUSTRIAL SOLUTIONS Busy days at C.H. Evensen’s workshop in Fredrikstad, with strong order intake in industrial Formerly named Landbased heating solutions Systems delivered to early production plant for Vow Green Metals Strong order intake and revenue growth year-over-year in industrial heating sub
Slide 8: Maritime Solutions
MARITIME SOLUTIONS Formerly named Cruise Projects All-time high revenues in Q1, largely driven by equipment deliveries to cruise newbuilds Continued strong EBITDA margin, year-over-year comparison reflects particularly strong Q1 2022 Backlog with confirmed contracts into 2029 (options into 2031) pro
Slide 9: Aftersales
AFTERSALES Another quarter with record high revenues in Aftersales, with activity firmly back at pre-pandemic level Recurring revenues are increasing as installed base continues to grow 38 million Another 42 cruise newbuilds equipped with Scanship 33 systems will be delivered until 2029, options not
Slide 10: Business Deep-Dive and Outlook
BUSINESS DEEP-DIVE AND OUTLOOK Photo: Kolonihaven
Slide 11: The Latest and Greatest in Cruise
THE LATEST AND GREATEST IN CRUISE “MAP is the latest and “A new innovative technology greatest in waste will debut on Icon. It’s called a management.” MAP system, which will essentially be the first waste Greg Purdy, to energy system at sea.” Senior Vice President, Marine Operations, Source: Royal C
Slide 12: Busy 2023 in Cruise Projects
BUSY 2023 IN CRUISE PROJECTS All time high commissioning activity After the summer additional six vessel will be throughout 2023 commissioned throughout the remaining part of the 2023 During first part of the year, six vessels will be commissioned and handed over Scanship systems delivered consists
Slide 13: Good Visibility in Cruise Newbuilds
GOOD VISIBILITY IN CRUISE NEWBUILDS Suggesting continued high activity in newbuild and steadily growing aftersales business 1 7 Ships with Vow equipment 6 1 In backlog In backlog as ‘option’ 1 6 Currently being bid 3 4 10 5 2 4 7 3 5 4 3 1 2 2 1 2024 2025 2026 2027 2028 2029 2030 2031 Year when ship
Slide 14: Building New Green Industries
BUILDING NEW GREEN INDUSTRIES Our proven ability to scale up Projects are significant technology to industrial scale compared to previous pipeline. has attracted broad interest The largest projects currently evaluated would include Vow Industry players across all technology worth around NOK continen
Slide 15: Technology Scale-up in Practice
TECHNOLOGY SCALE- UP IN PRACTICE Seeing is believing Vow is making it happen Capacity1: 40,000 tonnes per year Feedstock: Wood, ELT, sludge, other biomass Output: Biocarbon, biochar, net-zero energy, CO2 credits 1 Depending on feedstock and desired output 15 Photo: Kolonihaven
Slide 16: Industrial Solutions Bid Pipeline
INDUSTRIAL SOLUTIONS BID PIPELINE With potential final investment decision 2023-2029 By application By application By region in equipment value # of projects # of projects United Americas States 1 10% 10 20 18% 7% Asia 28 20 12 ~ NOK 25 billion 80 80 22% 43% 2 Europe 19 27 Nordics 19 Sewage sludge v
Slide 17: Status ELT Scale-up
STATUS ELT SCALE-UP Development of commercial framework with ETEL progressing as planned Good progress in discussion with tyre manufacturing companies for off-take of recovered carbon black Blueprint for first commercial industry-scale ELT recovery plant nearly complete Final investment decision by
Slide 18: Summary
SUMMARY All-time high revenues in Q1 2023, 29% increase year- over-year, and growth in all business segments Particularly strong growth in cruise, with high activity related to project commissioning and continued rebound in aftersales Order backlog remains high, providing good visibility for revenue
Slide 19: Creating a Future in Which Industry Is Harmonized with Nature
CREATING A FUTURE IN WHICH INDUSTRY IS HARMONIZED WITH NATURE Photo: Kolonihaven