Slide 1: Q2 2026 interim report: Status and outlook
Q2 2026 interim report Status and outlook Gunnar Pedersen, CEO Cecilie Brænd Hekneby, CFO Oslo, 19 August 2026 1
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 Vow delivered improved operational and financial performance in Q2 2026. The year-over-year revenue growth is driven by high project activity in the Maritime Solutions segment and prior year catch-up effect, and continued growth in the Aftersales segment supported by an increasing
Slide 4: Financials
Financials 4
Slide 5: Development in key financials | Group
Development in key financials | Group +11% 347 +16% 32 64 13% 378 284 400 23 321 253 66 16 228 8% Options 259 214 134 63 Aftersales 59 171 5% 54 162 Maritime 97 131 1 699 1 786 1 632 Backlog 1 424 1 449 166 112 Industrial 72 57 59 -29 -6 -33 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 2
Slide 6: Revenue development
Revenue development Continued positive development in Maritime Solutions Revenue growth by segment (NOK million) and Aftersales drives group revenue performance Q/Q • Total revenue in Q2 2026 of NOK 253 million, up NOK 25 +25 million year-on-year 4 -13 253 9 228 25 • Revenue in the Maritime Solution
Slide 7: Operational key figures
Operational key figures Improved operational performance NOK million Q2 2026 Q2 2025 Δ 1H 2026 1H 2025 Δ FY 2025 • Strong operational performance drove significant improvement in both gross margin and adjusted EBITDA margin Revenue 252.9 227.6 25.3 536.5 472.4 64.0 1,034.2 • All business segments co
Slide 8: Financial performance
Financial performance Return to profitability in the quarter NOK million Q2 2026 Q2 2025 Δ 1H 2026 1H 2025 Δ FY 2025 • Positive result before tax achieved in the quarter following significant improvements in profitability across all business Revenue 252.9 227.6 25.3 536.5 472.4 64.0 1,034.2 segments
Slide 9: Cash flow development
Cash flow development Payment schedules impact liquidity 136.1 • Trade receivables increased from year-end, reflecting high 117.6 delivery volumes and timing differences between project execution and customer payments • Increased inflow from operating activities driven by milestone 105.6 invoicing,
Slide 10: Balance sheet
Balance sheet NOK million 30.06.26 30.06.25 31.12.25 High Maritime activity drives timing effects in liquidity Intangible assets and • Total available liquidity of NOK 117.6 million as of 30 June 2026 529.0 661.0 546.7 goodwill • Trade receivables increased by NOK 85.5 million compared to YE Trade r
Slide 11: Market and business update
Market and business update 18.08.2026 11
Slide 12: Maritime Solutions
Maritime Solutions • Revenue growth driven by a favourable comparison against prior-year catch-up effects, combined with high delivery volumes • Profitability significantly improved as legacy contract exposure reduced to 29% • Order backlog at NOK 1.5 bn after soft order intake in Q2 and before anno
Slide 13: Trusted technology provider and supplier to leading cruise operators
Trusted technology provider and supplier to leading cruise operators Main system deliveries to 3 ships in Q2, of a total 13 planned in 2026 Strong position with yards and cruise 7 ships commissioned, of a total 11 planned in 2026 operators confirmed by recent awards1 EUR 6.4 million contract with a
Slide 14: Maritime order backlog composition and current pipeline
Maritime order backlog composition and current pipeline Estimated distribution of order New contracts with revised T&C, accounts for 71% of Ships with Vow equipment. Year shown backlog based on latest projections year-to-date revenues in the Maritime segment, indicate when ship is going into service
Slide 15: Aftersales
Aftersales Aftersales revenues • Strong activity in mid-life upgrade projects contributed to in NOK million revenue growth +7% 66 64 63 • Profitability improved, supported by the growing installed base 59 and increased upgrade activity 54 • Preventive maintenance agreements covering more than 70 21%
Slide 16: Industrial Solutions
Industrial Solutions • Large Circular Solutions projects in commissioning phase. Issues identified and handled but introducing some delay. • Heat treatment market is picking up both within Aluminum and Galvanization • NOK 143 mill order backlog, down from NOK 175 mill in Q2 2025. Expect reduction in
Slide 17: Industrial Solutions business and project development
Industrial Solutions business and project development Biocarbon for Large-scale production Sophisticated heat End-of-life tires De-carbonizing industry advanced metal of Biocarbon for green treatment solution for Continued positive with electrical heat industry metal production food safety developme
Slide 18: Summary & outlook
Gunnar / Cecilie Summary & outlook • The Cruise market remains strong and our operational efficiency improves in Maritime Solutions while we see reduced share of legacy contracts • Structural growth in Aftersales continues following increasing fleet of vessels and a high demand for services • Positi
Slide 19: Believing in a future where industry is harmonized with nature
Believing in a future where industry is harmonized with nature 18.08.2026 19